Baltic Export, Financial Services, Good for Business, Industry, Latvia, Markets and Companies, Medicine

One of the investment positions will be increase of manufacturing in its Slovakian subsidiary KBM Pharma. The company representatives did not disclose the exact size of the investment.

The company said that a decision has been already made on a new ampoule manufacturing line installation at HBM Pharma in Slovakia, thus increasing injection form medication manufacturing capacity up to 130 mln ampoules per year.

The company plans to use its own financing for investments.

The company said that Grindex management is constantly looking for opportunities to increase manufacturing capacity. It includes star of manufacturing in plants in other countries, and expansion of capacities of the existing plants.

Other decisions have not been adopted, as well as moving of manufacturing units operating in Latvia to other countries is not considered, the company said.

As reported, turnover of Latvian pharmaceutical group Grindex in the first nine months of this year was EUR 72.4 mln, up EUR 8.9 mln or 14% from the same period in 2015, according to the unaudited consolidated financial statements submitted by the company to Nasdaq Riga stock exchange.

In the first 9 months of 2016, the Group’s net profit, attributable to shareholders of the parent company, was EUR 6.4 mln euro and increased by EUR 2.6 mln or 99% compared to the first 9 months of 2015.

Gross profit margin in the first half of 2016 was 49%, while net profit margin was 9%. During the 9 months of this year, Grindex shipped EUR 65.1 mln worth of products to 67 countries of the world, up EUR 8.3 mln or 15% against the same period last year.

Grindex 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.

Grindex group comprises the parent company, Grindex, and five subsidiaries in Latvia, Estonia, Russia and Slovakia as well as representative offices in 13 countries.

Grindex exports its products to 70 countries, and export comprises 90 percent of the total turnover. The key markets include the EU countries, Russia and other CIS countries, the U.S., Canada, Japan and Vietnam.

Grindex is quoted on the Main List of Nasdaq Riga stock exchange.

Grindex largest shareholders are Kirovs Lipmans with 33.29%, AmberStone Group with 22.66%, Anna Lipmane with 16.69%.

In 2015, products of the company were exported to 70 countries, comprising 90% 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 a production capacity and develop infrastructure, since 2002 Grindex has accomplished many significant investment projects, investing more than EUR 70 mln over the years.