Bulgaria's Sopharma Boosts Salaries over 2010 Results

Sopharma, the largest Bulgarian pharmaceutical producer listed on the Sofia Stock Exchange, has seen its profit at an 11-year high. Photo by buildingoftheyear.bg

After registering in 2010 its highest annual profits in 11 years, Bulgaria's largest pharmaceutical company Sopharma has announced an universal increase of the salaries of its employees.

Thus, all 1 830 employees of Sopharma will received a flat salary increase of BGN 60 as of April 1, 2011, the company announced Monday.

"After the growth of our sales last year and keeping in mind the harsh economic situation, the company deems it to be part of its responsibility to support its 1 830 workers whose loyalty and competence has helped Sopharma achieve record successful results in the past two years," the press service of Sopharma AD said explaining that the flat BGN 60 salary increase is introduced regardless of other individual increases and bonuses.

In 2010, Sopharma's total sales grew by 12.2%, and its profit rose by 21% compared with 2009. The company has continued to invest in new production facilities starting the construction of a BGN 70 M new factory in December 2010.

In 2010, Sopharma AD had a profit of BGN 40.5 M, according to newly released company data.

Sopharma's 2010 revenues amounted to BGN 238.5 M, which is a 12% increase year-on-year.

30% of Sopharma's sales in 2010 were on Bulgaria's domestic market but the major factor for its revenue growth was its export to foreign markets which grew 19% compared with 2009.

Sopharma's 2010 gross expenditures amounted to BGN 193 M, an increase of 10% year-on-year.

Sopharma's own capital is BGN 296 M, which is a 16.6% increase in 2010 year-on-year.

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