OJSC "Sintez" has published its 2016 financial statements. Company earnings grew 15.8% against 2015 to reach RUB 6.75 billion. Net profits increased 110% and amounted to RUB 703.7 million.
"It turned out to be a successful year for a number of reasons," Andrey Zagorsky, president of CJSC "Pharm-Center" (the managing company of OJSC "Sintez"), said. "First and foremost it was due to the new management system and additional cost tracking procedures that were put in place by Alexander Vinokurov's team. Another major factor affecting earnings growth was the central government measures to stimulate import substitution. These had a positive effect on the growth performance of numerous Russian manufacturing companies, not just Sintez."
The Sintez plant is one of Russia's largest pharmaceutical enterprises. Today it produces around 300 different medications and medical products. More than 50% of the Sintez portfolio comprises products on the List of Vitally Essential and Critical Medications, and the plant's medications are exported to 17 different countries.
Unlike most of its Russian competitors, around 30% of the Sintez plant's products are based on its own ingredients, including natural and semisynthetic antibiotics. For some types of antibiotics (cephalosporin), the plant holds about 60% of the Russian market.
Sintez operates in line with GMP guidelines – international standards for the manufacture of medication products – and is one of the largest companies in Kurgan Oblast, accounting for 7% of the gross regional product.