Salus, a wholesaler and retailer of medical products and devices based in Slovenia has been added to SBITOP from 21 Mar 2022. It posted 2021 results and announced dividend to be approved by the GSM on 22 April. In 2021, Salus recorded revenue growth of 14.4%, EBITDA growth of 21.8%, and a net profit of EUR 13m, an increase of 28.4% YoY.
Salus, a pharmacy company based in Slovenia, has recently been added to the SBITOP Index from the beginning of this week. It has a weight of 4.13% in the index. Salus is the distributor of medical devices and medical products operating in the entire SEE region (Slovenia, Croatia, Bosnia & Herzegovina, Serbia, Montenegro, Kosovo, and North Macedonia), with over 1,500 suppliers, 3,000 customers, 28 specialized stores, and 440 employees. The company also has 32 specialized retail stores in Slovenia and an online store with medical products and medical devices. Salus that trading as part of the index on 21 March 2022, has also posted its FY 2021 results, as well as its dividend proposal. As such, we decided to bring you an overview of their results as well as the aforementioned proposal.
In 2021, Salus recorded revenue of EUR 458.3m, an increase of 14.4% YoY. The growth in revenue was following the trend seen in the entire medicine, over-the-counter medicines, and dietary supplements market in Slovenia. According to the data from IMS (Intercontinental Medical Statistics), this market grew by 6% in 2021. At the same time, the value of medicines sold to pharmacies amounted to EUR 677.6m, a 6.8% increase YoY, while the value of medicines sold to hospitals amounted to EUR 226.6m, a 3.2% increase YoY.
With this expansion, Salus also had the aforementioned growth in revenue, as the Slovenian market has the most important share in the structure of generated revenue, amounting to 92% of the Company’s revenue. Moving over to the operating expenses, in 2021, the Company generated EUR 38.1m, an increase of 14.4% YoY.
Looking over to the EBITDA it amounted to EUR 19.7m, a growth of 21.8% YoY. This can be attributed to the increased number of products sold during the year. Finally, the net profit of the Company amounted to EUR 13m, an increase of 28.4% YoY.
Salus key financials (EUR m)
In 2022, the proposal of the dividend is subject to approval by the GSM which will be held on 22 April 2022. Currently, the proposed amount of dividend is EUR 65 (this includes the interim dividend of EUR 30 paid in January 2022). At the current share price of EUR 1,450, the DY for the total dividend would amount to 4.48%, while the DY for the amount that remains to be paid would be 2.41%.
The ex-date is set for 4 May 2022, the record date is set for 5 May 2022, while the payment date is set for 6 May 2022. It should be noted that the above-mentioned dividend date can be changed on the basis of a counter-proposed dividend or other confirmed dividend at the GSM.