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Romania's Biofarm net profit rises 20% y/y in H1

Romania's Biofarm net profit rises 20% y/y in H1 Biofarm general manager Catain Vicol Source: Biofarm

BUCHAREST (Romania), August 16 (SeeNews) - Romanian drug maker Biofarm [BSE:BIO] said on Tuesday that its net profit increased 20% on the year to 43.6 million lei ($9.05 million/8.92 million euro) in the first six months of 2022.

Biofarm's sales rose by an annual 17% to 138.5 million lei during the January-June period, the company said in a press release.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 21% year-on-year to 59.2 million lei in the six-month period.

"During the first half of this year, we recorded solid financial results in a sensitive geopolitical context marked by inflationary pressures. We are confident that even this year, marked by an increase in the price of raw materials and an increase in production costs, we will achieve our main goal, which is to strengthen our position in the local pharmaceutical market and in foreign markets with the help of a competitive portfolio based on the real needs of the market," Biofarm general manager Catalin Vicol said.

Founded in 1921, Biofarm was listed on the Bucharest Stock Exchange, BVB, in 2005. Its products are currently reaching 12 countries around the world.

In November, Biofarm inaugurated a new production and testing facility in Bucharest, following a 35 million euro ($38.5 million) investment.

Local investment funds SIF Muntenia and SIF Crisana hold 51.57% and 36.74% of Biofarm, respectively. The remainder is in free float on the BVB.

Biofarm's shares traded 2.82% higher at 0.6560 lei as at 1430 CET on Tuesday on the BVB.

(1 euro = 4.8831 Romanian lei)