March 7 (SeeNews) - Croatian pharmaceuticals producer Jadran Galenski Laboratorij (JGL) [ZSE:3JDG2] said on Monday that the Russian invasion of Ukraine has put its business on the key Ukrainian market on hold.
In Russia JGL is currently operating without difficulties, but the exposure to currency risk, due to the fall in the value of the Russian rouble, is becoming increasingly significant, the company said in a filing to the Zagreb bourse.
Ukraine is one of the key markets for JGL, with sales of 13 million euro ($14 million) in 2021.
The company also said that all of its export receivables are insured which guarantees the stability of its business. JGL operates in some 60 markets around the world and continues to sell and invest in accordance with business plans, it added.
“Given the recent situation in Ukraine and the escalation of the conflict, as always, the health and safety of our 63 employees in that country is our number one priority, and we are trying to do everything we can to protect them,” JGL said.
JGL is specialised in the production of sterile nose, eye and ear drop solutions.
JGL's corporate bonds are traded on the Zagreb bourse.
($ = 0.918 euro)