November 16 (SeeNews) - Romanian drug maker Biofarm [BSE:BIO] said on Tuesday that its net profit increased 20% on the year to 54.8 million lei ($12.7 million/11.1 million euro) in the first nine months of 2021.
Biofarm's sales rose by an annual 16% to 179 million lei during January-September, the company said in a press release.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 20% year-on-year to 75.6 million lei in the nine-month period.
"Over the last nine months we have completed the most important investment of the last 30 years in the local pharmaceutical industry - a production unit built from scratch, with modern facilities and equipment, we have completed the process of revitalizing the corporate image and strategic brands in the portfolio and we managed to consolidate our position in the top of the most important players in the local pharmaceutical industry, in the Consumer Healthcare category," Biofarm general manager Catain Vicol said.
Biofarm's net profit increased to 54.54 million lei last year, compared to 50.88 million lei in 2019, while sales rose to 218 million lei last year, from 202.75 million lei in 2019.
The drug maker, founded in 1921, was listed on the Bucharest Stock Exchange, BVB, in 2005. The company's product portfolio covers 65 therapeutic areas. Biofarm exports its output to Azerbaijan, Russia, Georgia, Iraq, Kyrgyzstan, Malta, Moldova, Hungary, and Ukraine.
Earlier this month, Biofarm inaugurated a new production and testing facility in Bucharest, following a 35 million euro ($40.6 million) investment.
Romanian investment funds SIF Muntenia and SIF Crisana own shareholding interest of 51.57% and 36.74% in Biofarm, respectively. The remainder is in free float on the BVB.
Biofarm's shares traded 0.25% lower at 0.7940 lei as at 1127 CET on Tuesday on the BVB.
(1 euro = 4.9489 Romanian lei)