Today in Third Quarter 2011 Investor Conference Webinar the member of the management board Salvis Lapiņš presented analysis of third quarter financial results and announced JSC Olainfarm expansion plans:
- an agreement has been reached with one of the company’s multinational partners about increasment of the purchases from JSC Olainfarm in 2012 by 67% or more than one million euro;
- cooperation agreements are established, which provides that JSC Olainfarm will become the distributor and marketing partner of a large European pharmaceutical manufacturer. In Latvia and Belarus JSC Olainfarm will distribute in total 23 products of the partner. The first realization is expected at the end of 2012;
- currently JSC Olainfarm budget proposal is being discussed, which foresees non-consolidated sales growth by 12% in 2012;
- it is planned that in 2012 one of the Baltic Exchange members will ensure JSC Olainfarm stock liquidity.
Results for the first 9 months of 2011 show that sales of JSC Olainfarm have grown by nearly 40% compared to the same period a year ago and have reached 26.3 million LVL (37.4 million EUR). Sales made during first 9 months of this year already exceed the sales made during the entire 2010 by more than one million lats.
Increase in sales directly influenced company’s profits, which during the third quarter of 2011 reached the best level so far of 1.8 million LVL (2.6 million EUR). The profit of the first 9 month period was 5 million LVL (7.1 million EUR).
On November 16, 2011 Board of the Company decided to increase annual sales and profit targets of the Company. The new sales target was set at 35 million LVL (49.8 million EUR) while the new profit target was set at 6.3 million LVL (8.96 million EUR). According to this unaudited report during 9 months of 2011 75% of revised sales targets and 80% of revised profit targets are met during 3 quarters of 2011.
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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