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SKOPJE (Macedonia), October 18 (SeeNews) - Macedonian drug maker Alkaloid [MSE:ALK] expects its revenues to rise by 8% in 2017, from 8.3 billion denars ($158.8 million/135 million euro) last year, Zhivko Mukaetov, CEO and president of the company, has told SeeNews.
The company revenue, which has been growing every year since 2005, is expected to exceed 150 million euro in 2018, Mukaetov told SeeNews in an interview on the sidelines of the business leaders’ Summit100 gathering in Skopje on Monday.
"I am very proud that we have an increase every year. Even in 2008, during the economic crisis, we did not suffer a major hit, as we were very well organised," he noted.
Alkaloid said last month its first-half consolidated net profit grew 9% year-on-year to 419.8 million denars. Sales revenues increased 9% on the year to 4.554 billion denars in the review period.
"Our first priority is to have a more solid presence in the EU, as we believe that this market has a large potential," Mukaetov said. "However, we do not forget the markets of the former Soviet Union, which also have a large growth potential."
Alkaloid generated abroad 61% of its sales revenue in the first half of 2017. Sales in the United Kingdom and Hungary leapt 18-fold each to 127.8 million denars and 11.7 million denars, respectively. Sales in Russia grew 24%, while sales in Romania expanded 52%, the company said earlier this year. Still, Macedonia remains the largest market of Alkaloid, with 39% of total revenue.
In the last ten years, Alkaloid managed to diversify its portfolio and currently exports to 30 markets, with a promising rise in England, Poland, the Czech Republic, Romania and Bulgaria, Mukaetov added.
"The company also is present on the US market with its tea programme and in Germany with its silver salts, but pharmaceuticals remain its core product," he noted. "Alkaloid has become very competitive, as we invested a lot in research and development and made a broad portfolio, applying the European Union standards."
Investments fell to 323.5 million denars in the first half of 2017, from 344.3 million denars in the prior-year period, Alkaloid said in a bourse filing in September.
In March 2009, Alkaloid opened a research and development centre for generic drugs following an investment of eight million euro.
The company has three subsidiaries in Macedonia, as well as 14 subsidiaries and four representative offices abroad - in Serbia, Montenegro, Kosovo, Albania, Bosnia and Herzegovina, Croatia, Slovenia, Switzerland, Bulgaria, Turkey, Ukraine, Russia, and USА.
Alkaloid also operates a laboratory in Slovenia for the purposes of batch testing and release in the European Union.
(1 euro = 61.4696 denars)