Olainfarm Group lays a strong foundation for sustainable development
- Olainfarm Group's profit in 2020 reached EUR 9.5 million and the parent company closed the year 2020 with 11.5 million EUR profit
- The Management Board will propose to approve a dividend payout of EUR 0.17 per share in the annual report of 2020, which is a total of EUR 2 394 463
- Significant investments are planned for research and development, as well as the acquisition of products and modernization and digitalization
“Covid-19 is having a significant impact on the global healthcare and pharmaceutical industries. Our values and care for the society remain unchanged in this difficult time, we strive to improve people's health and quality of life. In accordance with the Olainfarm Group's five-year strategy "Forward", in 2020 an unprecedented transformation of the Group was initiated with the goal of making internal processes more effective for sustainable growth. Despite the challenges caused by Covid-19 we have managed to build a strong foundation. Moving towards strengthening and expansion characterizes Olainfarm Group's approach for the year 2021 and beyond. This will be based on significant investments in research and development, in particular - by fostering the development and acquisition of FDFs,” says Jeroen Weites, Chairperson of the Management Board of JSC Olainfarm.
The year 2020 in a sign of transformation
In 2020, the Group's revenue reached EUR 122 million, which is 11% less than in the previous year. The parent company's revenue in 2020 was EUR 92 million, ensuring the fulfilment of previously forecasted revenues. Turnover in all of the Group's main markets, except Russia, increased compared to 2019. The Group's largest market in 2020 was Latvia showing consistency in operations, providing a 1% increase compared to 2019. Despite the global impact of the Covid-19 crisis, Olainfarm Group was able to ensure a continuous supply of goods in all of the Group's operating markets throughout the year. In 2020, a number of strategically important activities were carried out, affecting the financial results of Olainfarm Group's strategy.
JSC Olainfarm expanded its marketing team and renewed its business model in Ukraine where the existing legal structure served as a basis for changing the business model. The revenue in Ukraine has increased by EUR 746 thousand when compared to 2019, and the overall share of Ukraine in the Group's revenue reached 9.4%.
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