Because of successful marketing in foreign markets sales of Olainfarm during the first quarter of this year have increased by approximately 10%, while the profits are up by about 50% compared to the financial results of Olainfarm in first quarter of 2009. This is according to the preliminary data to be disclosed by Olainfarm at Baltic Investors’ Conference which is taking place in Stockholm this week.
In first quarter of 2009 sales of Olainfarm reached 5.56 million lats (7.92 million EUR), while the profit was 0.46 million lats (0.66 million EUR).
“A range of successfully developed products and a very precise marketing for then in several foreign markets, especially in Russia, Ukraine and Kazakhstan, allowed us to reach very good financial results both last year and in first quarter of this year. Interest that we feel towards Olainfarm from all sorts of investors confirms that the company has a good growth potential,” says Valerijs Maligins, CEO of Olainfarm.
Profit and loss statement of Olainfarm for 2009 shows that it made sales of 22.4 million lats (32 million EUR), which is about 12% increase over sales of 2008. Profit of Olainfarm last year was 2.3 million lats (3.3 million EUR). During 2009 the sales grew particularly strongly in markets where 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.
According to the budget and operating plan of Olainfarm for 2010 approved by the AGM, the company plans to make sales of 24.5 million lats (34.9 million EUR) and the profit of 2.7 million lats (3.8 million EUR).
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.
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