Results for 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 lats (37.4 million euros). Sales made during 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 lats (2.6 million euros). The profit of 9 months period was 5 million lats (7.1 million euros). Increase in sales volumes of JSC Olainfarm was achieved by strengthening company’s sales in Latvia and the key export markets, like Ukraine, Russia and Belarus. JSC Olainfarm has also managed to significantly increase its sales to some markets were the sales historically were not as good, for instance to Canada and the Netherlands, where the sales have grown 50 and 10 times respectively.
„Nine months sales results show the strength of Olainfarm’s product portfolio and the good equilibrium of sales markets. At least ten strong products can meet demands of different markets and Olainfarm proved to be able to dynamically react on new demands, which is where our success stories in Canadian and Dutch sales are coming from,“ says Salvis Lapins, Member of Olainfarm’s Board.
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 lats (49.8 million euros) while the new profit target was set at 6.3 million lats (8.96 million euros). 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.