Alkaloid Reports €263 Million in Nine-Month Sales While Consolidated Profit Grows 4 Percent

Alkaloid AD Skopje reported consolidated sales of 16,205,440,429 denars for January–September 2026, or about €263 million at a rate of 61.5 denars per euro (our calculation). That is growth of 7 percent. The same period last year ended at €246.6 million. Besides the total, the structure of the growth also changes between the company’s two reports, so we compared the figures one by one.

1. The home market is pulling. Consolidated sales on the Macedonian market grow 13 percent, so the domestic share is 37 percent of total sales (35 percent last year). Foreign markets account for 63 percent (65 percent last year). The company says part of the domestic growth comes from rare and specialised therapies it supplies to the public health system. They have limited profitability but raise the market share.

Реклама

2. The parent company grows 2 percent. Sales of Alkaloid AD Skopje, without subsidiaries, are 10,358,253,210 denars, up 2 percent. The same 2 percent growth was reported last year, when the figure was 10,180,866,920 denars. The gap to the consolidated 7 percent most likely comes from the other companies in the group and from foreign markets.

3. Profit grows more slowly than sales. Consolidated net profit is 1.54 billion denars (+4 percent, 1.49 billion last year), and consolidated EBITDA (earnings before interest, taxes, depreciation and amortisation) is 2.99 billion denars (+8 percent). The parent company’s net profit is 1.64 billion denars (+7 percent).

4. Fastest growth on foreign markets. Sales rose 3.3 times in Kazakhstan and 2.6 times in Switzerland. Growth is 94 percent in Jordan, 89 percent in Greece, 83 percent in the United Kingdom, 74 percent in Cyprus and 65 percent in Lithuania. In Germany it is 13 percent and in Georgia 14 percent. Last year Austria (6 times), the Netherlands (5.5 times) and Sweden (4 times) led. Percentages from a small base change quickly, so this list does not show how much money each market brings. By region, South-East Europe has 28 percent of sales, Eastern Europe 18 percent and Western Europe 17 percent. Medicines are 92 percent of sales (antibiotics 19, over-the-counter 18, neurological 14 and cardiological 12 percent).

5. Investments: 34 or about 15 percent? Alkaloid reported fixed-asset investments of 1,067,280 thousand denars (about €17.3 million) and growth of 34 percent. The report for the same period last year listed 929,289,935 denars, and our calculation with that figure gives growth of about 15 percent. The release does not explain the difference, so a different base may be used. Part of the investment goes through Alkaloid Energetika DOOEL, which is building photovoltaic capacity. It started trial operation in July 2026.

6. Employees. The group has 3,019 employees, of whom 2,201 in North Macedonia and 818 abroad. Last year it had 2,996: 2,251 in the country and 745 abroad. So the number in the country is 50 lower, even though the company reports 60 new hires. These are most likely gross hires without departures, but that is not explained. The average net salary at the parent company in September is 68,950 denars, and the approved holiday allowance is 47,000 denars net (44,500 last year).

7. The shares move against the results. The company’s market value on September 30 is 31.64 billion denars, against 36.9 billion last year, or about 14 percent less. The average share price in the period is 24,398 denars, against 27,335 last year (about 11 percent less). There are 6,657 shareholders (6,395 last year). The dividend for 2025 is 720 denars gross per share, 14.3 percent more than the previous one (630 denars).

What comes next. The 2026 annual plan envisages sales of €361 million (+7 percent), according to Balkan Engineer. To reach it, the last quarter needs about €97 million, against an average of about €88 million per quarter so far (our calculation). The company says results are on the planned path, and lists inflation, costlier loans, energy prices and the escalation of the conflict around Iran as risks. The figures come from Alkaloid’s releases for the two periods and are unaudited.

MKNews Hub · Macedonia · November 2, 2026