Apr 28, 2022

ALKALOID – operating results for the January – March 2022 period

In the January - March 2022 period ALKALOID increased the consolidated sales by 11%, hired 99 new employees in the country and invested MKD 219 million.


As the unaudited standalone Income Statement shows, in the January - March 2022 period sales increased by 12% and reached MKD 2,696,313,187 while total consolidated sales increased by 11% reaching MKD 3,623,625,996 compared to the same period last year.

Sales by region and country

Consolidated sales on the domestic market increased by 9%. The total consolidated export of the company grew by 12%. 33% of the total consolidated sales went on the domestic market, while foreign markets account for 67%. The breakdown by region shows that South-East Europe countries took 34% share of the sales, 23% of the sales went to the countries of Western Europe (EU and EFTA), Russia and CIS took a 9% share, while other markets account for 1% of the total consolidated sales.

The German market had the highest growth of 146%, followed by Poland with an increase of 114%, then Romania 102%, Bulgaria 69%, USA 51%, Albania 24%, Montenegro 15%, Kosovo 11%, Bosnia and Hercegovina 8%, Serbia 7% etc.

Sales by product group

Broken down by product group, the highest share of the total consolidated sales belongs to the Pharmaceuticals segment with 89%, more specifically, antibiotics account for 24%, OTC products 20%, cardiovascular products 15%, neurological products 12% etc. The Chemistry, Cosmetics and Botanicals segment has a share of 11% of the total consolidated sales, or more precisely Chemistry 3%, Cosmetics 6% and Botanicals 2%.


In the January – March 2022 period a total of MKD 218,577,091 has been invested in fixed assets which compared to the same period in 2021 is an increase of 22%.

Operating results

Standalone earnings before interest, taxes, depreciation and amortization (EBITDA), which amount to MKD 534,547,162 marked an increase of roughly 4%, whereas net profits rose by 5% to MKD 298,147,012.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) reached MKD 637,917,566 - an increase of 5%, while net consolidated profit of MKD 361,453,045 grew by 4%.

In its operations ALKALOID AD Skopje engaged more than 1.000 domestic suppliers.


In the period January – March 2022 ALKALOID AD Skopje recruited 99 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. The ALKALOID Group has 2,619 employees, of which 2,015 in its Skopje headquarters and 604 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 16,385.00 to MKD 19,400.00 in the January-March 2022 period, with an average of MKD 18,257.95 per share, which is a growth of 31.2% compared to the average price in the same period in 2021. On 31.03.2022 5,179 individuals and companies held ALKALOID AD Skopje shares, while its market capitalization was MKD 25.7 billion.

Business plan 2022

The business plan for 2022, adopted by the Management Board of ALKALOID AD Skopje at its December 29th, 2021 meeting, anticipates investment of around 14% of the consolidated revenue in tangible and intangible assets, growth in consolidated sales of 8% compared to 2021, and growth in pre-tax consolidated profit of 7% in comparison to 2021. 

The 2022 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 2022 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. 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, during 2021, the health crisis turned into an economic one causing new operational challenges. What has already started as a trend in 2021 and will dominate 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 2022. Following the indications of the conflict between Russia and Ukraine starting on 24 February 2022, the Company has taken necessary measures to protect its investors, customers, and employees, by ensuring safety conditions.

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.