April 28 (SeeNews) - Romanian cosmetics company Farmed said on Thursday its turnover amounted to 285 million lei ($60.5 million/57.6 million euro) in 2021, down by 1.2% as compared to 2020 but 8.4% higher compared to the pre-pandemic 2019, on the back of a broader economic rebound.
In 2020, Farmec’s revenues were driven by demand for disinfectants, thus generating an atypical sales pattern within the company’s recent history, it said in a statement. Excluding disinfectants sales, Farmec recorded a 8.1% year-on-year increase in sales in 2021.
“We will continue the 3 million lei investment programme we announced last year, and stake the strengthening of our product line on the launch of several new ones. As such, we’re kicking 2022 off from a position of strength and we are confident we will improve on last year’s performance,” said Mircea Turdean, Farmec general director.
The company’s annual research and development expenses exceed 230,000 euro.
Farmec said in August 2021 its investments would total 14 million lei by the end of 2021. The company invested 500,000 euro ($525,000) in the production of biocides in 2020.
Founded over 130 years ago, Farmec is a vertically integrated cosmetics company. The company manages its production from the R&D phase all the way to marketing and distribution. Farmec brands have entered the markets of 30 countries, having also been listed on e-commerce giant Amazon. Farmec has eight self-branded stores across Romania.
The company employs over 700.
According to finance ministry data, it recorded 23.78 million lei in profit on a turnover of 287.935 million lei in 2020.
(1 euro = 4.94 lei)