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Sales of Olainfarm in October Grew by 34%

on November 15, 2018

Preliminary consolidated results of JSC Olainfarm for October 2018 show that company’s sales have reached 12.78 million euros, which represents an increase by 34% compared to the same period of 2017. Over the ten-month period, sales of the Olainfarm Group have increased by 7%, in comparison with the corresponding period of 2017, and reached 101.8 million euros. In the ten months Olainfarm Group has sold its products in 52 markets.

Consolidated data
The biggest sales increase in October was achieved in Kazakhstan, where sales grew by 447%. Significant growth was also reached in India and Belarus where sales grew accordingly by 330% and 189%. The three major sales markets of Olainfarm Group during the October 2018 were Russia, Latvia and Belarus. In October Olainfarm Group sold its products in 35 countries worldwide.

October 2018, consolidated sales Sales, thsnd. EUR Changes to October 2017 Share in total sales
Russia 3 900 14% 31%
Latvia 3 374 23% 26%
Belarus 1 498 189% 12%
Ukraine 1 147 NA 9%
Kazakhstan 510 447% 4%
Uzbekistan 409 NA 3%
Spain 276 NA 2%
Lithuania 231 70% 2%
India 206 330% 2%
Poland 174 -20% 1%
Other 1 060 -9% 8%
Total 12 784 34% 100%

 

In ten months of 2017, according to the preliminary results, the consolidated sales of JSC Olainfarm reached 101.8 million euros, which represents an increase of 7% compared to ten months of 2017. The biggest sales increase during this period was achieved in Belarus, where sales increased by 52%. Sales to Uzbekistan and Tajikistan increased by 45% and 43% accordingly. Minor sales reduction by 5% took place in Russia. The major sales markets of Olainfarm Group during the ten-month period were Russia, Latvia and Belarus.

10 months of 2018, consolidated sales Sales, thsnd. EUR Changes to 10 months of 2017 Share in total sales
Russia 30 261 -5% 30%
Latvia 28 704 18% 28%
Ukraine 12 463 52% 12%
Belarus 9 331 9% 9%
The Netherlands 2 779 2% 3%
Kazakhstan 2 023 45% 2%
Germany 1 607 3% 2%
Uzbekistan 1 561 23% 2%
Lithuania 1 259 3% 1%
Poland 1 184 43% 1%
Other 10 622 -19% 10%
Total 101 794 7% 100%

 

Unconsolidated data
According to unconsolidated preliminary results, sales of JSC Olainfarm in October 2018 were 9.8 million euros, which represents the growth by 28% compared to October 2017. The biggest sales increase was achieved in India, Kazakhstan and Belarus where sales grew accordingly by 330%, 255% and 142% vs. the October of 2017. Biggest sales reduction in October was experienced in Germany, where sales shrunk by 31%. All the major markets of the JSC Olainfarm (Russia, Latvia and Belarus) had performed with “plus sign” in October and had a positive impact on total sales results. During October 2018 JSC Olainfarm sold its products to 33 global markets.

October 2018, unconsolidated sales Sales, thsnd. EUR Changes to October 2018 Share in total sales
Russia 3 393 8% 35%
Latvia 1 609 11% 16%
Belarus 1 255 142% 13%
Ukraine 1 147 2% 12%
Uzbekistan 409 NA 4%
Kazakhstan 331 255% 3%
Spain 276 NA 3%
India 206 330% 2%
Lithuania 183 60% 2%
Germany 163 -31% 2%
Other 819 -9% 8%
Total 9 800 28% 100%

 

According to preliminary unconsolidated results, sales of JSC Olainfarm in ten months of 2018 reached 77.41 million euros, which represents an increase by 2% compared to the ten months of 2017. The biggest sales increase during this period was achieved in Tajikistan, where sales grew by 46%. Sales to Uzbekistan increased by 45%. Biggest sales reduction was experienced in Russia, where it shrunk by 10%. The core sales markets of JSC Olainfarm during the ten-month period were Russia, Latvia and Belarus. In total in ten months of 2018, JSC Olainfarm sold its products to 46 countries worldwide.

10 months of 2018, unconsolidated sales Sales, thsnd. EUR Changes to ten months of 2016 Share in total sales
Russia 26 200 -10% 34%
Latvia 14 068 17% 18%
Belarus 10 347 27% 13%
Ukraine 9 181 10% 12%
Uzbekistan 2 023 45% 3%
Kazakhstan 1 870 NA% 2%
Germany 1 592 4% 2%
Lithuania 1 439 37% 2%
Tajikistan 1 164 46% 2%
Poland 921 -6% 1%
Other 8 608 -20% 11%
Total 77 415 2% 100%

 

Results of The Largest Daughter Companies
Sales of pharmacies of Latvijas aptieka Ltd. in October 2018 were 2.16 million euros remaining at the level of the previous year. Sixty-nine pharmacies were operating during October. Sales of Silvanols Ltd. in October 2018 were 0.7 million euros, which represents a growth by 75% compared to the same period of 2017. Combined sales of Tonus Elast Ltd. and Elast Medikl in October reached 1 million euros, which represents an increase by 61% vs. to October 2017. Combined sales of healthcare companies Diamed and Olainmed in October reached 0.25 million euros, but sales of NPK Biotest in October 2018 – 0.20 million euros.

Sales of pharmacies of Latvijas aptieka Ltd. in 10 months of 2018 reached 19.4 million euros, which represents an increase by 10% compared to the ten months of 2017. Sales of Silvanols Ltd. during the reporting period of 10 months reached 4.8 million euros, which represents an increase by 12%. Combined sales of Tonus Elast Ltd. and Elast Medikl in ten months reached 8.1 million euros, that is for 19% more then in the corresponding period of 2017. Combined sales of healthcare companies Diamed and Olainmed in ten-month period reached 2.1 million euros, but sales of NPK Biotest – 1.9 million euros.

According to the estimates of JSC Olainfarm, the unconsolidated turnover of the company in 2018 could reach 96 million euros, while the consolidated turnover – 130 million euros. According to these preliminary sales numbers, in the ten months of 2018, the company has met 80.6% of the annual target for unconsolidated sales and 78% of the annual target for consolidated sales.

JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 45 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 60 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.

 

Information prepared by:
Inga Krūkle
Member of the Board JSC Olainfarm
Ph.: +371 28698449
inga.krukle@olainfarm.com

Sales of Olainfarm in October Grew by 34%