Olaine Chemical-Pharmaceutical Plant Olainfarm was established in October 10, 1972 as a state enterprise. At the beginning, the factory manufactured only biologically active substances.
Later it also started manufacturing finished pharmaceuticals, and the factory became one of the largest chemical-pharmaceutical enterprises in the Soviet Union producing more than 25 products.
JSC Olaine Chemical-Pharmaceutical Plant is the largest chemical – pharmaceutical manufacturer in the Baltic States. The main activities of the company are:
– production of high quality biologically-active and other chemical compounds through organic synthesis, both for the existing products and customised orders (contract manufacturing);
– production of finished pharmaceuticals from self-synthesised, as well as purchased substances, mostly in the form of tablets and capsules.
Presently JSC Olainfarm manufactures 78 finished pharmaceuticals and 35 different active pharmaceutical substances and chemical intermediaries.
The main export markets for the company are the CIS states (Russia, the Ukraine, Byelorussia etc.) accounting for more than half of total output.
Export of products to the European Union is less than 10%. Russian crisis of 1998 created the need for reorientation of market priorities, as it had a substantially negative effect on the company’s performance and its shares’ prices.
In 1998 the company started the actual re-orientation towards the Western markets. At present contracts for manufacturing of chemical intermediates are concluded with several Western companies.
JSC Olainfarm informs that in 2020 disclosure of financial results is scheduled for the following dates:
- Unaudited consolidated interim financial statements for 12 months – on 28 February 2020;
- Unaudited consolidated interim financial statements for 3 months – on 29 May 2020;
- Unaudited consolidated interim financial statements for 6 months – on 31 August 2020;
- Unaudited consolidated interim financial statements for 9 months – on 30 November 2020.
Audited consolidated and unconsolidated Annual Report of JSC Olainfarm for 2019 submission planned on 30 April 2020.
Dividendų mokėjimo politika
JSC Olainfarm approved dividend policy with an aim to create a well-considered, balanced and transparent profit distribution model to ensure regular dividend payments to shareholders and to reach long-term business targets of JSC Olainfarm.
The Management Board of JSC Olainfarm when calculating dividend amount shall observe the following principles:
- “dividend stability principle” which states that JSC Olainfarm annually strives to pay shareholders dividend at least 20% from the previous year’s net profit.
- “balance principle” that sets reasonable balance between shareholders income, cash flow forecasts and long-term development needs of JSC Olainfarm.
- “transparency principle” which states that arguments for setting annual dividend amount is communicated to involved parties.
A share of net profit of JSC Olainfarm which remains after dividend payment is retained in the company for further investments in the company’s development.
The Management Board of JSC Olainfarm after approval of annual report prepares a dividend payment recommendation based on dividend policy principles as well as terms specified in Latvia’s legal acts, JSC Olainfarm contractual liabilities and obligations.
The Management Board submits its dividend payment recommendation to the Supervisory Council which may draft its opinion on the Management Board’s recommendation and inform with it the general meeting.
The general meeting votes on dividend payment based on the recommendation of the Management Board and the opinion of the Supervisory Council.