November 15 (SeeNews) - Romanian drug manufacturer Biofarm [BSE:BIO] said on Tuesday that its net profit increased 19.9% on the year to 65.7 million lei ($13.8 million/13.4 million euro) in the first nine months of 2022.
Biofarm's sales rose by an annual 16.8% to 208.9 million lei during January-September, the company said in a financial report filed with the Bucharest Stock Exchange, BVB, on Monday.
The improved financial results come due to sustained efforts of the company to maintain investments at a competitive level throughout this period, but also to constantly improve, in terms of image and effective communication, the brands in its portfolio.
The company's operating profit rose 19% year-on-year to 77.9 million in the nine-month period.
Biofarm's assets amounted to 458.7 million lei at the end of September, compared to 418.8 million lei at end-2021, the report further showed.
In the first nine months of 2022, the company released 15 new products. Biofarm's strategy is to continue the sustained increase both on the domestic and external markets by consolidating existing brands and by developing new ones.
The drug maker, founded in 1921, was listed on the Bucharest Stock Exchange, in 2005. The company operates two drug factories in Bucharest and a product testing and development unit.
Biofarm shares traded 0.33% lower at 0.6 lei by 1156 CET on Tuesday, bourse data showed.
(1 euro=4.9032 lei)