PRIM increases net profit by more than 151% during 2021 with growth of more than 14% in sales

The Prim Group has closed the 2021 financial year with notable growth in both profits and turnover. The Company has increased sales by more than 14% to €168.5 million, an amount that is also higher than the figures seen during 2019 (+11.5%), the year before the pandemic hit.

These improvements, which include non-recurring sales related to Covid, demonstrate the good recovery of the main markets that the Group operates in, they also show the fruit of the acquisitions made during the year and of the changes made to the commercial and operational strategy.

In terms of EBITDA, the Company reported a figure of €24 million, which represents an increase of 22% from the previous year and 20% from 2019. Operating profit amounted to €17.3 million, an increase of 25% compared to 2020. Along with the improved sales figures, the overall achievement of these results can also be attributed to the efficiency policy for operating expenses.

All in all, profit before tax amounted to €23 million, representing an increase of almost 147% compared to that recorded in 2020, while net profit reached €17.4 million, 152% higher than that reported in the previous year.

The Group has managed to maintain constant cashflow which has enabled it to hold on to its solid financial position, which increased to €27 million, while also implement a selective purchase programme to consolidate its growth, as provided for in the 2021/2025 Strategic Plan approved in May.

Throughout 2021, the Group has added assets to its portfolios in both Spain and Portugal. Specifically, in Spain, the Company acquired the orthopaedic branch of the Ilunion Salud group, made up of five clinics, as well as the company Ortoayudas, while also taking control of the company Farma+ in Portugal. Following the close of the financial year, the Group then reached an agreement to acquire all of the shares of the Spanish company Laboratorios Herbitas.

Positive market response

2021 was the first fully active financial year for the new management team, who have made their mark on the organisation through the changing of structures and the taking on of new strategic challenges to strengthen growth and financial solidity. These policies have had a very positive impact on the markets, as the Company’s shares have risen by 50% on the Madrid Stock Exchange, reaching €14.55 at the end of the year, compared to €9.70 at the start of the year.

Furthermore, on 19 January 2022, the company also completed its treasury share buyback programme approved by the Shareholders’ Meeting on 30 October 2020, with an execution rate of 90.77% at the end of 2021. In total, the programme has involved the repurchase of a total of 233,659 shares for a total amount of close to 3 million euros.

During 2021, the Group remained on track with its ESG commitments on the environment, the promotion of Social Responsibility programmes and Governance compliance. A few examples of this include the progress made by the company in 2021 through the implementation of programmes to reduce the waste of resources such as paper and consumables, as well as agreements for the reforestation of 700 trees in Madrid and Galicia. Additionally, Prim has also improved its equality policies and the monitoring of variables as part of the Family-Responsible Company seal it was awarded. Finally, in order to continue improving its responsible management certification, the company has allocated over 500 hours of ethical culture training for senior and middle management.

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