|Emitents||Grindeks, AS (5299006DWR32NKWM1O86)|
|Veids||1.2 Pusgada finanšu pārskati un revīzijas ziņojumi / ierobežotas pārbaudes|
Turnover of “Grindeks” reaches 68.3 million euro in the first half-year of 2017; profit – 6.5 million euro
Today, on 28 August, the JSC “Grindeks” submitted the non-audited consolidated financial statements for the first half-year of 2017 to “Nasdaq Riga”. Non-audited financial results indicate that the Group’s turnover in the first half-year of 2017 was 68.3 million euro and has increased by 21.9 million euro or 47% in comparison to the first half-year of 2016. In the first half-year of 2017, the Group’s net profit, attributable to shareholders of the parent company, was 6.5 million euro and has increased by 2.2 million euro or 53% compared to the first half-year of 2016. Gross profit margin in the first half-year of 2017 was 58%, while net profit margin was 9%. In the first half-year of 2017, the Group’s production was exported to 62 countries worldwide, a total of 61.2 million euro which is by 19.9 million euro or 48% more than in the first half-year of 2016.
Sales volume of the final dosage forms of “Grindeks” in the first half-year of 2017 was 61.7 million euro and has increased by 19.5 million euro or 46% in comparison to the first half-year of 2016. In the first half-year of 2017, the sales amount in Russia, other CIS countries and Georgia reached 41.7 million euro, which is by 17.8 million euro or 75% more than in the first half-year of 2016. In comparison to the first half-year of 2016, in the first half-year of 2017 the biggest increase in sales volume has been reached in Russia (2.4 times), Tajikistan (2.1 times), Azerbaijan (48%), Ukraine (44%) and Armenia (26%).
The sales volume in the Baltic States and other countries in the first half-year of 2017 reached 20.1 million euro which is by 1.7 million euro or 9% more than in the first half-year of 2016. The sales volume in the first half-year of 2017, compared with the first half-year of 2016, has increased by 17 times in Denmark, by 2.7 times in Czech Republic, by 79% in Hungary, by 64% in Vietnam, by 55% in France, by 35% in Spain and by 30% in Poland. In the first half-year of 2017, the sales volume in Latvia reached 3.6 million euro and has decreased by 0.18 million euro or 5% in comparison with the first half-year of 2016.
In the first half-year of 2017, sales of the active pharmaceutical ingredients reached 3.7 million euro, which is by 0.5 million euro or 16% more than in the first half-year of 2016. During this reporting period “Grindeks” mainly exported its active pharmaceutical ingredients to the EU countries, Canada, Australia and Japan. The most required active pharmaceutical ingredients of “Grindeks” in the first half-year of 2017 were ftorafur, oxytocin, zopiclone, xylazine, pimobendan and medetomidine.
The Chairman of the Board of JSC “Grindeks” Juris Bundulis: “The dynamic increase in the net profit and turnover in the first half-year of 2017 indicates that we have successfully achieved the sales and marketing goals set for this period, especially in Russia and other CIS countries. We highly value our performance and keep diversifying Group’s activities and expanding market coverage. Such speed of growth in performance indicators motivates the team of “Grindeks” to recognize its strengths and effectively use a favorable situation for a further development.”
“Grindeks” is an international, vertically integrated pharmaceutical company. Main fields of action are research, development, manufacturing and sales of original products, generics and active pharmaceutical ingredients. The Group of “Grindeks” consists of five subsidiary companies in Latvia, Estonia, Russia and Slovakia as well as representative offices in 12 countries.
“Grindeks” specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups. A range of products covers a successful combination of original products and generics, with the original products Mildronate® and Ftorafur®. Currently “Grindeks” produces 23 active pharmaceutical ingredients.
Products of the company are exported to 71 countries and its export comprises 91% of the total turnover. The key markets include the EU countries, Russia and other CIS countries, the U.S., Canada, Japan and Vietnam.
To increase production capacity and develop infrastructure, the company has accomplished many significant investment projects, investing more than 90 million euros over the last 15 years.