Jul 27, 2023

ALKALOID – operating results for the January – June 2023 period

ALKALOID reached record consolidated sales of EUR 136.7 million, increased the consolidated export by 23% and invested EUR 15.2 million in the period January - June 2023.


As the unaudited stand-alone Income Statement shows, in the January - June 2023 period sales increased by 19% and reached MKD 6,293,741,761 while total consolidated sales increased by 18% reaching MKD 8,425,198,446 compared to the same period last year.

Sales by region and country

Consolidated sales on the domestic market increased by 8%. The total consolidated export of the company grew by 23%. 29% of the total consolidated sales went on the domestic market, while foreign markets account for 71%. The breakdown by region shows that South-East Europe countries took 29% share of the sales, 22% of the sales went to the countries of Western Europe (EU and EFTA), Eastern Europe (CIS, UA…) took a 19% share, while other markets account for 1% of the total consolidated sales.

Sales in Austria had the highest growth where sales were quadrupled, followed by Czech Republic and Turkey where sales were doubled, then Armenia with an increase of 93%, Romania 87%, Mongolia 45%, Great Britain 28%, Portugal 23%, Bulgaria 22%, Croatia 11%, Montenegro 11%, Serbia 10%, Bosnia and Hercegovina 8% etc. In the first half of 2023 we’ve marked sales growth higher than planned, partly due to a shortage of antibiotics from other manufacturers in most export markets. ALKALOID managed to cover these shortcomings through an increased volume of production and sales of antibiotics from its own portfolio.

Sales by product group

Broken down by product group, the highest share of the total consolidated sales belongs to the Pharmaceuticals segment with 90%, more specifically, antibiotics account for 29%, OTC products 19%, neurological products 12%, cardiovascular products 11%, etc. The Chemistry, Cosmetics and Botanicals segment has a share of 10% of the total consolidated sales, or more precisely Chemistry 2%, Cosmetics 7% and Botanicals 1%. Total sales are up in Pharmaceuticals and in Cosmetics segments compared to the same period in 2022. The Pharmaceuticals segment is up by 21% and Cosmetics 12%.


In the January – June 2023 period a total of MKD 937,983,755 has been invested in fixed assets.

Operating results

Stand-alone earnings before interest, taxes, depreciation and amortization (EBITDA), which amount to MKD 1,334,981,131 marked an increase of roughly 14%, whereas net profits rose by 19% to MKD 814,786,957.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) reached MKD 1,393,017,611 - an increase of 17%, while net consolidated profit of MKD 773,414,100 grew by 19%.

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


In the period January – June 2023 ALKALOID AD Skopje recruited 106 new employees in the R.N. Macedonia. In March 2023 the Management Board of ALKALOID AD Skopje decided to approve and pay holiday allowance to its employees in amount of MKD 36,500 net. The ALKALOID Group has 2,733 employees, of which 2,065 in the country and 668 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 17,200.00 to MKD 18,400.00 in the January-June 2023 period, with an average of MKD 17,855.25 per share. On 30.06.2023 5,379 individuals and companies held ALKALOID AD Skopje shares, while its market capitalization was MKD 25.55 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 energy and economic crisis. To date we have taken a number of measures to offset all negative effects without compromising the company’s successful operations.

In line with expectations, what dominated in 2022 and continued in the first half of 2023 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 reached a high level and reduced predictability. At the same time, interest rates in the regional and European markets have reached record high levels in the last few years, which further burdens the operational costs of operations. In addition to all that, the pronounced uncertainty of global economic flows has also led to the volatility of several national currencies, which significantly increases the risk of negative exchange rate differences in operations.

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.