Apr 29, 2024

ALKALOID – operating results for the January – March 2024 period

ALKALOID reached consolidated sales of EUR 79.9 million, consolidated export of 58.1 million and invested EUR 4.8 million in the period January - March 2024.



As the unaudited stand-alone Income Statement shows, in the January - March 2024 period sales reached MKD 3,419,742,486, which is an increase by 10% compared to the same period last year. The total consolidated sales reached MKD 4,925,260,049 which is an increase by 13% compared to the same period last year.


Sales by region and country


Consolidated sales on the domestic market increased by 11%. The total consolidated export of the company grew by 14%. 27% of the total consolidated sales went on the domestic market, while foreign markets account for 73%. The breakdown by region shows that South-East Europe countries took 26% share of the sales, 24% of the sales went to the countries of Western Europe (EU and EFTA), Eastern Europe (CIS, UA…) took a 22% share, while other markets account for 1% of the total consolidated sales.


Sales in Great Britain had the highest growth where sales reached MKD 119.813.384 and increased 4 times, followed by Georgia increased 3 times and Ukraine where sales were increased 2.5 times. Following next is Hungary with an increase of 65%, then Romania 27%, Albania 27%, Poland 20%, Italy 12%, Croatia 11%, Armenia 10%, Slovenia 10%, Serbia 10%, Greece 10% etc.


Sales by product group


Broken down by product group, the highest share of the total consolidated sales belongs to the Pharmaceuticals segment with 91%, more specifically, antibiotics account for 31%, OTC products 19%, cardiovascular products 12%, neurological products 11%, etc. The Chemistry, Cosmetics and Botanicals segment has a share of 9% of the total consolidated sales, or more precisely Chemistry 2%, Cosmetics 6% and Botanicals 1%. Total sales are up in all segments compared to the same period in 2023. The Pharmaceuticals segment is up by 14%, Chemistry 3%, Cosmetics 5% and Botanicals by 8%.




Committed to continuous modernization and expanding manufacturing capacities, volume, and product range, Alkaloid AD Skopje has recently completed its most substantial investment venture in the past two decades. This project involved the establishment of an advanced facility for manufacturing solid pharmaceutical forms, known as "Tablet Department 2.0," along with its accompanying technical infrastructure. The new technical and technological infrastructure, designed to more than double the production volume and enhance the flexibility of solid pharmaceutical form manufacturing, spans 6200 square meters, encompassing both production and technical facilities. Alkaloid invested a total of 19.4 million euros in this endeavor. In the January – March 2024 period a total of MKD 298,250,975 has been invested in fixed assets.




In recent years, Alkaloid has embarked on a process of redesigning existing generic pharmaceutical products for new indications. The goal was to develop drugs with added value that address the treatment and fulfill the needs of individual or specific patient groups. Strategic investments aimed at modernizing the product portfolio resulted in the successful development of Alkaloid's first patented value-added drug. This drug is primarily designed to treat reflux esophagitis and gastroesophageal reflux disease (GERD). Proton pump inhibitors, including Omeprazole, are the preferred medications for treating reflux esophagitis and GERD. These medications are typically available in the form of gastro-resistant tablets and capsules, as well as powder for dissolution. In a groundbreaking discovery, Alkaloid has developed ready-to-use liquid Omeprazole for the first time in history.


Alkaloid obtained the first international value-added medicine (VAM) patent for the Omeprazole peroral solution. The first marketing authorizations for this groundbreaking medication have been granted for both the Macedonian and UK markets. Registration processes are underway for European countries and European Union markets, with the anticipation of obtaining marketing authorizations and subsequent product launch.



Operating results


Stand-alone earnings before interest, taxes, depreciation and amortization (EBITDA), which amount to MKD 659,500,874 marked an increase of roughly 10%, whereas net profits rose by 10% to MKD 390,910,925.


Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) reached MKD 804,400,748 - an increase of 6%, while net consolidated profit of MKD 479,529,291 also grew by 9%.


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




In the period January – March 2024 ALKALOID AD Skopje recruited 90 new employees in the R.N. Macedonia. In March 2024 the Management Board of ALKALOID AD Skopje decided to approve and pay holiday allowance to its employees in amount of MKD 40,500 net. The ALKALOID Group has 2,910 employees, of which 2,215 in the country and 695 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 18,151.00 to MKD 20,900.00 in the January-March 2024 period, with an average of MKD 19,602.82 per share. On 31.03.2024 5,596 individuals and companies held ALKALOID AD Skopje shares, while its market capitalization was around MKD 29 billion.


The gross dividend approved by shareholders on April 1st 2024 were MKD 772.931 thousand. In accordance with the dividend calendar the gross dividend in amount of MKD 540 i.e. the net-dividend 486 for one ordinary share will be paid in May 2024. The dividend per share for 2023 is 10.2% higher than the dividend paid per share for 2022.


Business plan 2024


The business plan for 2024, adopted by the Management Board of ALKALOID AD Skopje at its December 27th, 2023 meeting, anticipates investment of around 10% of the consolidated revenue in tangible and intangible assets, growth in consolidated sales of 10% compared to actual sales in 2023, and growth in pre-tax consolidated profit of 7% in comparison to 2023.


The 2024 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 2024 may vary from those taken into account in the Business Plan and so may actual results.


Expectations for the upcoming period


It is highly likely that the trend of operating within challenging economic conditions, which has prevailed in recent years, will persist into 2024. Key challenges such as inflation and increasing interest rates are anticipated to maintain their current levels or even experience slight declines. Additionally, global security crises further complicate the economic landscape, introducing uncertainties that may impact energy prices, disrupt supply chains, and affect the availability of certain materials.


Despite these challenges, we are poised to sustain our growth trajectory in 2024. Building upon our ongoing investments in new manufacturing facilities, equipment, and research and development endeavours, we aim to fortify our competitive portfolio and capitalize on market expansion opportunities. In pursuit of these objectives, we will continue to recruit talent domestically and internationally, while steadfastly investing in enhancing the knowledge and skills of our workforce.