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Sintez OJSC (Kurgan) made a net profit of RUB 1 billion 145.6 million in the first 9 months of 2020 according to its financial statements prepared in accordance with the Russian Accounting Standards, which is 45.5% more than in the same period of 2019, the Company's report says.
Revenue was up 42% to RUB 10.4 billion, while production costs increased by a factor of 1.5 to RUB 6.5 billion. The gross profit was up by a third in the same period.
The Company's press service said in a statement that the third quarter was a most hectic period for the Company. "The production sites were operating at full capacity, and people were working in three shifts in order to meet the demand from medical facilities and retail, which soared because of the pandemic. We had to quickly increase the output of antibiotics by an average of 30%", the communique quotes the Binnopharm Group CEO Rustem Muratov as saying.According to the Company's communique, in the nine months of 2020, Sintez OJSC saw its sales to hospitals practically double in money terms, while sales to the retail segment went up 29%. The best-selling medications were the OTC analgesics Diclofenac and Ibuprofen, as well as the prescription antibiotic Ceftriaxone.