Visit your local Alkaloid website

Sales

As the unaudited stand-alone Income Statement shows, in the January - March 2025 period sales reached MKD 3,458,394,494 which is an increase of 1% compared to the same period last year. The total consolidated sales reached MKD 5,201,163,839 which is an increase of 6% compared to the same period last year.

Sales by region and country

Consolidated sales on the domestic market increased by 24% compared to the same period last year. As a proven partner in public healthcare, the company actively participates in providing the latest rare and specialized treatments by representing renowned global pharmaceutical manufacturers, thereby significantly bolstering the national healthcare system. Despite the limited profitability of these programs, they have considerably increased the domestic market share in total consolidated sales. 32% of the total consolidated sales were realized on the domestic market, while foreign markets account for 68%. The breakdown by region shows that South-East Europe countries took 25% share of the sales, Eastern Europe (CIS, UA…) took a 23% share, 19% of the sales went to the countries of Western Europe (EU and EFTA), while other markets account for 1% of the total consolidated sales. Sales in foreign markets for the first quarter of 2025 are in line with the expected dynamics and show an 8% increase compared to the Business Plan. In the upcoming period, we expect cumulative sales in foreign markets to exceed last year's figures.

Sales in the Republic of South Africa experienced the highest growth, increasing 3.8 times, followed by Netherlands where sales grew 3.7-fold, Portugal where sales grew 2.3-fold and Austria where sales were doubled. Following next is Greece with an increase of 40%, then Finland 39%, Armenia 29%, Ukraine 13%, Bosnia and Hercegovina 12%, Saudi Arabia 10%, Slovenia 9%, Serbia 6%, Croatia 5%, etc. 

Sales by product group

Broken down by product group, the highest share of the total consolidated sales belongs to the Pharmaceuticals segment with 92%, more specifically, antibiotics account for 29%, OTC products 16%, cardiovascular products 12%, neurological products 12%, etc. The Chemistry, Cosmetics and Botanicals segment has a share of 8% of the total consolidated sales, or more precisely Chemistry 2%, Cosmetics 5% and Botanicals 1%. Total sales are up in the Pharmaceuticals segment, while in the Chemistry, Cosmetics and Botanicals segment they are decreasing compared to the same period in 2024. The Pharmaceuticals segment is up by 7%, Chemistry is down by 3%, Cosmetics is down by 11% and Botanicals is down by 13%. The decrease in the Cosmetics and Botanicals sales segment is mainly due to reduced and limited prices and margins across almost the entire portfolio in Macedonia and Montenegro.

Capital expenditures

In the January – March 2025 period a total of MKD 256,658 has been invested in fixed assets.

Operating results

Stand-alone earnings before interest, taxes, depreciation and amortization (EBITDA), which amount to MKD 744,810,347 marked an increase of roughly 12%, whereas net profits rose by 4% to MKD 407,432,285.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) reached MKD 928,314,407 - an increase of 8%, while net consolidated profit of MKD 491,703,111 grew by 3%.

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

Employees

In the January – March 2025 period, ALKALOID AD Skopje recruited 13 new employees in the R.N. Macedonia. In March 2025 the Management Board of ALKALOID AD Skopje decided to approve and pay holiday allowance to its employees in the amount of MKD 44,500 net. The ALKALOID Group has 3,046 employees, of which 2,288 in the country and 758 in its subsidiaries and representative offices abroad.

Shares

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 26,800.00 to MKD 31,099.00 in the January-March 2025 period, with an average of MKD 28,966.38 per share. The share price movement followed the average annual growth trend, driven by the consistent and transparent reporting of the company’s positive performance, favorable public opinion, confidence in our products and management, and the general trend in global and regional stock exchanges. On 31.03.2025, 6,188 individuals and companies held ALKALOID AD Skopje shares, while its market capitalization was MKD 39.4 billion.

On April 1st, 2025, the Annual Shareholders’ Assembly approved the calculation and payment of gross dividend for 2024 in the amount of MKD 901,752 thousand. In accordance with the dividend calendar as of May 2025 the company will start paying dividend in the amount of MKD 630 gross i.e. 567 net-dividend for one ordinary share. The dividend per share for 2024 is 16.67% higher than the dividend paid per share for 2023.

2025 Business Plan

The 2025 Business Plan, adopted by the Management Board of ALKALOID AD Skopje at its December 27^th, 2024 meeting, anticipates investment of around 8% of the consolidated revenue in tangible and intangible assets, growth in consolidated sales of 8% compared to the actual sales in 2024, and growth in pre-tax consolidated profit of 7% in comparison to 2024.

The 2025 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 2025 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 2025. 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. The potential risk of a global trade war could trigger further increases in raw material prices and increased operating costs. We are closely monitoring these occurrences and are taking measures to mitigate potential effects.

We expect to sustain our growth trajectory in 2025. Building upon our ongoing investments in new manufacturing facilities, equipment, and research and development endeavors, 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 and in building talents.