Oriola Corporation published its financial statements release 1 January–31 December 2020 on Thursday, 18 February 2021 at 3.00 p.m.
President and CEO Juko Hakala:
"2020 was an exceptional year for Oriola, with the COVID-19 pandemic impacting our operations significantly from March onwards. Pharmaceutical volumes declined during the year in both of our markets, resulting from the pandemic-related restrictions and allocation of healthcare resources. Our second quarter result was lost due to the first wave of the pandemic. During the year, society and also Oriola learned to adapt to the new situation, and prepare for the second wave of the pandemic.
In the fourth quarter of 2020, Oriola’s invoicing remained stable and net sales grew slightly. Our profitability improved in many parts of our business, amounting to a fourth quarter adjusted EBIT of EUR 8.0 (2.1) million, making it the highest quarter in 2020.
The fourth quarter net sales1 of Consumer grew by 2.6% to EUR 195.8 (190.8) million, driven by strong online sales. Adjusted EBIT increased to EUR 4.4 (1.1) million. The strategically important online channel grew by 107% compared to the same period last year. Oriola's brick-and-mortar pharmacies were also successful in the review period.
In Pharma, the fourth quarter net sales1 increased by 0.7% to EUR 243.9 (242.2) million. Adjusted EBIT was EUR 4.1 (4.2) million. Changes in distribution agreements as well as additional operational costs related to the pandemic burdened Pharma's profitability.
The net sales1 of Retail grew by 5.3% to EUR 120.1 (114.1) million in the fourth quarter. Adjusted EBIT improved to EUR 0.7 (-0.8) million. The profit improvement was primarily driven by the continued positive development of dose dispensing. The result of the business area was still impacted by the additional operational costs related to the pandemic.
In this exceptional year, we secured the distribution and the availability of pharmaceuticals well in both markets. This achievement was made possible by our employees, who have gone the extra mile and worked hard during 2020. This has been vital for the entire society, in line with our purpose "Health for life". In 2021, we are committed to continue our strategic programmes. Profitability and reliable operations remain our key priorities.”
1 On a constant currency basis.