Last year “Olainfarm” Increased Sales to 78 Million Euro

on February 28, 2014

Consolidated profit and loss account of JSC Olainfarm for 2013 shows that the company has reached a new sales record of 54.8 million lats (78 million euro).  This represents an increase by 4% compared to 2012, when sales of JSC Olainfarm were 52.9 million lats (75.3 million euro).

After tax profit of the company in 2013 was 8.9 million lats (12.6 million euro), which is a reduction by 8% compared to 2012, when the net profit was 0.8 million lats (13.9 million euro).

“This year our investments will be particularly strongly focused on infrastructure and capacities of Olainfarm.  Creation of new production unit for nitrofuranes is the biggest of such investments.  Since last year we acquired more than 70% shares in Silvanols, a leading Latvian producer of food supplements, we intend to use our experience in promotion and marketing in CIS countries to help Silvanols strengthen its position there.  We will continue working at improving our portfolio, entering new markets and co-marketing.  Development of chain of Latvijas aptieka is also among our priorities, although number of pharmacies this year will increase at a slower pace than during previous years,” says Valerijs Maligins, Chairman of the Board of JSC Olainfarm.

During 2013 sales to all key markets of JSC Olainfarm continued growing, except Ukraine, where due to the above mentioned extra shipments of 2012 they shrank by 45%.  The biggest sales increases were achieved in The Netherlands, where products for WHO’s anti-tuberculosis products are being sent.  Sales there have increased by 351%.  Significant sales increase has also been achieved in Spain (sales grew by 202%), Belarus (sales grew by 48%) and Uzbekistan (sales grew by 42%).  Major sales markets of JSC Olainfarm in 2013 were Russia, Latvia, Ukraine, Belarus, Kazakhstan and the UK.

During 2013 37 products have been registered in 7 different countries, including the marketing partnership products.  Registration processes have been started also in Turkey, Mongolia, Mexico and Kosovo.

In December 2013 Management Board of JSC Olainfarm adjusted previously set profit and sales guidance. According to them the sales of the Concern in 2013 were planned to be 52.8 million lats (75.1 million euro) while the net profit guidance was 8.8 million lats (12.5 million euro).  According to this unaudited report the sales guidance has been outperformed by 3.8%, while profit guidance was outperformed by 0.8%.


JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with 40 years of experience in production of medication and chemical and pharmaceutical products. A basic principle of company’s operations is to produce reliable and effective top quality products for Latvia and the rest of the world. Products made by the Group are being exported to more than 30 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.  


Information prepared by:

Salvis Lapins
Member of the Board
JSC Olainfarm
Tel: +371 6 7013 717
Cell: +371 2 6448 873

Last year “Olainfarm” Increased Sales to 78 Million Euro