In 2010 JSC Olainfarm plans to maintain the level of sales growth achieved in 2009 and to earn higher profits than previous year. In 2009 net profit of Olainfarm was 2.56 million lats (3.64 million euros), while the sales reached 22.4 million lats (32 million euros). The company intends to expand its operations in the markets of Central Asia and to open a representative office in Bangkok.
Unaudited profit and loss statement of Olainfarm for 2009 shows that the sales of Concern reached 22.4 million lats (32 million euros). Net profit of the Concern during this period was 2 560 492 lats (3 643 251 euros), while in 2008 the Concern made a loss of 1 436 905 lats (2 044 532 euros).
During 2009 the sales grew particularly strongly in markets where particularly strong marketing effort was made. Sales to Russia grew by 33%, to Belarus by 10%, Kazakhstan and Azerbaijan both grew by 65%. Ukraine has become the second biggest market for the company as about 14% of company’s sales were made there.
During 2009 45 new registrations in 13 different countries have been approved. Registrations have taken place in some countries that have so far been rather
exotic for company’s sales, including Tajikistan, Turkmenistan, Poland, Albania and Australia. Registration processes have also been launched in Romania and
Vietnam. Products that are being registered include totally new names for the company, like meldonium, olanzapine, amlodipine, flukonazole, terbinafine and memantine. Good Manufacturing Practice certificate for production of 2 new active substances has also been obtained in 2009.
JSC Olainfarm is one of the biggest pharmaceutical companies in Latvia with more than 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 35 countries of the world, including the Baltics, Russia, other CIS, Europe, Asia, North America and Australia.
Information prepared by:
Member of the Board
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