Visit your local Alkaloid website

Zhivko Mukaetov

Chief Executive Officer / Management Board President of Alkaloid AD

In 2024, the pharmaceutical industry faced significant challenges arising from macroeconomic instability, including inflationary pressures, increased production and logistics costs, and fluctuating exchange rates. Supply chain disruptions driven by geopolitical tensions and regulatory complexities affected the timely procurement of raw materials. At the same time, the rapid pace of digital transformation and the integration of new technologies required transformation of processes, ongoing workforce training and cybersecurity strengthening. Intense market competition, especially from generic manufacturers, and the growing need for innovation in research and development further increased operational demands, emphasizing the importance of efficiency, adaptability, and long-term strategic planning.

RESULTS

Besides all challenges in its daily operations, Alkaloid managed to generate positive financial results in its operations, surpassing the planned:

We achieved total consolidated sales of MKD 19.005.696.029 representing 15% growth, and our consolidated net profit amounted to MKD 1.684.020.094, representing growth of 7% compared to 2023.

32% of the sales were effectuated in the domestic market, whereas 68% were exports, out of which:

27% were intended for the SEE markets,

22% for the Western European markets,

18% for Eastern and 1% were for the remaining markets.

Highest growths compared to year 2023, were registered in the market of Cyprus (980%), Lithuania (233%), Great Britain (62%), Georgia (57%), Ukraine (48%), Portugal (45%), Mongolia (36%), Germany (26%), but worth mentioning is also the growth of Alkaloid KONS amounting to 32%.

91% of the total consolidated sales were effectuated by the Pharmaceuticals segment, whereas 9% belonged to the Chemicals, Cosmetics and Botanicals segment.

STOCK EXCHANGE OPERATIONS

In the course of year 2024, the shares of Alkaloid were once again among the most traded and most liquid shares on the Macedonian stock exchange market.

Alkaloid AD Skopje in the regular stock exchange operations participated with traded MKD 1.412.572.306, which is 19.19% of the total turnover recorded on the first official market of the Stock Exchange in 2024. The share price of Alkaloid AD Skopje ranged from MKD 18,151 to MKD 29,000 with an average of MKD 22,376.45, which represents a growth in the average market price of 25.84% compared to 2023. The market capitalization of Alkaloid AD Skopje at the end of 2024 was MKD 40.435.722.250.

At the 2024 Macedonian Stock Exchange (MSE) Annual Awards Ceremony, Alkaloid AD Skopje received four distinguished honors, reaffirming its leadership in corporate governance, market integrity, and ESG performance, and demonstrating excellence in transparency, accountability, and sustainability. The company was recognized as the ‘Most Transparent Listed Joint Stock Company’ by both the media and market participants, received the ‘Stock of the Year’ award based on a public voting poll conducted jointly by the MSE and the ‘Faktor’ portal, and was also honored with the ‘Good ESG Practices Award’, presented by the MSE in collaboration with AmCham North Macedonia.

INVESTMENTS AND SUSTAINABILITY

In 2024, Alkaloid AD Skopje successfully implemented a significant portion of its ESG strategy for responsible conduct toward the environment and the communities in which it operates, through numerous humanitarian and socially responsible activities in the fields of education, sports, culture, youth development, support for vulnerable groups, and the overall promotion of positive values. One of the year’s highlights was the organization of a humanitarian event for all company employees, their families, and friends, which raised approximately 2 million denars for the SOS Children’s Village organization.

In support of quality education and the development of future competent professionals in Macedonian healthcare and pharmacy, the company continued its ongoing dual education and internship programs, which attracted increased student interest compared to previous years. The “Trajche Mukaetov” Foundation also continued with its regular program activities. Since its establishment in May 2007, the Foundation has awarded scholarships to 699 students, and through scholarships and one-time financial awards for top graduates from the two relevant faculties, Alkaloid AD Skopje has invested approximately 141.7 million denars.

PROSPECTS

In September 2024, we officially commissioned the Alkaloid Museum — a space that showcases numerous exhibits of cherished memories and significant moments from the efforts invested by generations of Alkaloid employees. These displays reflect the gradual evolution of a successful Macedonian story — one that new generations continue to share beyond the country’s borders, with Alkaloid products now present in more than 50 countries worldwide.

Alkaloid today is a company of over 3,000 employees, with nearly 6,000 shareholders and around 2,000 domestic suppliers. A vast number of stakeholders have placed their trust in a system built through turbulent times, grounded in honesty, integrity, consistency, and mutual respect.

That is why, here and now, we must value what we have and strive to make a positive difference — starting with ourselves. Through personal example, we can raise awareness and responsibility for disciplined, consistent, and credible operations, guided always by our most important principle: Health above all!