PROTEK Group announces 1HY-2019 financial results

30.08.2019

PROTEK Group (PRTK: MICEX), one of the major pharmaceutical companies in Russia operating in all the segments of the pharmaceutical market (production, distribution, and retail sales), has announced its IFRS results (PwC reviewed) for 1HY-2019.

In 1HY-2019, the Group’s consolidated IFRS revenue went up by 2.9% y-o-y to RUB 125,161 mln.

The Group achieved consolidated gross profit of RUB 18,224 mln, driving the gross margin to 14.6%.

The Group’s consolidated EBITDA* amounted to RUB 4,403 mln, with EBITDA* margin reaching 3.5%.

The Group’s and segments’ financial highlights, 1HY-2019 (*old style reporting in accordance with IAS 17):

Revenue, RUB mln.

Gross profit, RUB mln.

Gross margin, %

EBITDA*, RUB mln.

EBITDA* margin, %

GROUP

125,161

18,224

14.6%

4,403

3.5%

Distribution

96,602 

5,925

6.1%

1,541

1.6%

Retail

34,337

8,951 

26.1%

1,312 

3.8%

Production

5,862 

3,240 

55.3%

1,441

24.6%

 

Financial highlights of the Group and segments, 1HY-2018:

Revenue, RUB mln.

Gross profit, RUB mln.

Gross margin, %

EBITDA*, RUB mln.

EBITDA* margin, %

GROUP

121,618

16,128

13.3%

4,176

3.4%

Distribution

98,244

5,621

5.7%

1,814

1.8%

Retail

29,599

7,888

26.6%

1,411

4.8%

Production

5,347

2,815

52.6%

1,152

21.5%

Mr. Vadim Muzyaev, President of PROTEK Group, has commented on the 1HY-2019 financial results: “Group's consolidated revenue growth rate accounted to 2.9%, while Russian pharmaceutical market showed growth of 12% (686 bln.): commercial market +5%, budget market +30%.  In value terms and grew by 4% (2,78 bln.) in packages**. Revenue of Distribution segment went down by 1.7% primarily due to the company's policy to mitigate the risks of bad and doubtful trade debts. Production segment’s revenue went up by 9.6% y-o-y, this was determined by a bigger input of proprietary brands in revenue. Revenue growth rate of Retail segment of 16.0% was due to a growing number of pharmacies in the retail chain (+15.2%). Overall, the management of PROTEK Group is reasonably satisfied with 1HY-2019 Group results”.

**According to AlphaRM
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