Feb 27, 2023

ALKALOID – operating results for the January – December 2022 period

ALKALOID reached consolidated sales of 231.9 million EUR, increased the consolidated export by 16%, invested EUR 23.9 million and hired 187 new employees in the country in the period January - December 2022.


As the unaudited stand-alone Income Statement shows, in the January - December 2022 period sales increased by 10% and reached MKD 10,538,230,192 while total consolidated sales increased by 12% reaching MKD 14,289,050,974 compared to the same period last year.

Sales by region and country

Consolidated sales on the domestic market increased by 3%. The total consolidated export of the company grew by 16%. 32% of the total consolidated sales went on the domestic market, while foreign markets account for 68%. The breakdown by region shows that South-East Europe countries took 30% share of the sales, 21% of the sales went to the countries of Western Europe (EU and EFTA), Eastern Europe (CIS, UA…) took a 16% share, while other markets account for 1% of the total consolidated sales.

Sales in Poland had the highest growth where sales were doubled, followed by Romania with an increase of 81%, then USA 51%, Greece 43%, Georgia 35%, Bulgaria 25%, Armenia 21%, Kosovo 11%, Montenegro 8%, Croatia 7%, Germany 7% etc. In the January - December 2022 period in the Pharmaceuticals segment Alkaloid had its first significant sales in Portugal reaching MKD 18.7 million and in Mongolia reaching MKD 12.8 million.

Sales by product group

Broken down by product group, the highest share of the total consolidated sales belongs to the Pharmaceuticals segment with 88%, more specifically, antibiotics account for 23%, OTC products 18%, cardiovascular products 13%, neurological products 13% etc. The Chemistry, Cosmetics and Botanicals segment has a share of 12% of the total consolidated sales, or more precisely Chemistry 3%, Cosmetics 7% and Botanicals 2%. Total sales are up in all segments compared to the same period in 2021. The Pharmaceuticals segment is up by 12%, Chemistry by 10%, Cosmetics 5% and Botanicals 20%.


In the January – December 2022 period a total of MKD 1,474,213,445 has been invested in fixed assets.

Operating results

Stand-alone earnings before interest, taxes, depreciation and amortization (EBITDA), which amount to MKD 2,381,036,341 marked an increase of roughly 9%, whereas net profits rose by 10% to MKD 1,411,542,911.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) reached MKD 2,537,701,372 - an increase of 10%, while net consolidated profit of MKD 1,463,420,874 grew by 12%.

In its operations ALKALOID AD Skopje engaged more than 1,000 domestic suppliers.


In the period January – December 2022 ALKALOID AD Skopje recruited 187 new employees in the R.N. Macedonia. In March 2022 the Management Board of ALKALOID AD Skopje decided to approve and pay holiday allowance to its employees in amount of MKD 30,000 net. In December 2022 the Management Board of ALKALOID AD Skopje approved and paid new year’s allowance to its employees in amount of MKD 31,000 net. The ALKALOID Group has 2,617 employees, of which 2,019 in the country and 598 in its subsidiaries and representative offices abroad.


The shares of ALKALOID AD Skopje have been listed since 2002 and stand as one of the most traded and most liquid shares on the Macedonian Stock Exchange. The price of ALKALOID AD Skopje shares ranged from MKD 15,556.00 to MKD 19,400.00 in the January-December 2022 period, with an average of MKD 17,475.80 per share, which is a growth of 10.6% compared to the average price in the same period in 2021. On 31.12.2022 5,332 individuals and companies held ALKALOID AD Skopje shares, while its market capitalization was MKD 24.5 billion.

Business plan 2023

The business plan for 2023, adopted by the Management Board of ALKALOID AD Skopje at its December 29th, 2022 meeting, anticipates investment of around 11% of the consolidated revenue in tangible and intangible assets, growth in consolidated sales of 10% compared to 2022, and growth in pre-tax consolidated profit of 7% in comparison to 2022. 

The 2023 business plan is based on the expectations, forecasts and opportunities on the existing and new markets and products available to the Company at the time of drafting the plan. Circumstances and events in 2023 may vary from those taken into account in the Business Plan and so may actual results.

Expectations for the upcoming period

In the past period, the company has faced a number of internal and external challenges and emerging risks, generated by the pandemic of COVID 19, as well as by the energy and economic crisis. To date we have taken a number of measures to offset all negative effects without compromising employee health and company’s successful operation. 

In line with expectations, the health crisis turned into an economic one causing new operational challenges. What has already started as a trend in 2021 and dominated in 2022 is the noticeable rise of prices of many raw materials, fuel and energy, as well as the increase of transport prices globally, especially the significant extension of delivery deadlines. All this has previously started to affect the inflation rate, which will be an even more pronounced trend in the following period. 

The biggest challenges and a top priority in the upcoming period remain employees’ health as well as maintaining current liquidity and financial stability and achieving planned goals.