Baltic Export, Good for Business, Latvia, Markets and Companies, Medicine

In the first half of 2017, the group’s net profit, attributable to shareholders of the parent company, was EUR 6.5 million and has increased by EUR 2.2 million or 53% compared to the first half of 2016.

Gross profit margin in the first half of 2017 was 58%, while net profit margin was 9%.

In the first six months of 2017, the group’s production was exported to 62 countries worldwide, a total of EUR 61.2 million which is by EUR 19.9 million or 48% more than in the first half of 2016.

Sales volume of the final dosage forms of Grindex in the first half of 2017 was EUR 61.7 million and has increased by EUR 19.5 million or 46% in comparison to the first half of 2016. The sales amount in Russia, other CIS countries and Georgia reached EUR 41.7 million, which is by EUR 17.8 million or 75% more than in the first half of 2016. In comparison to the first half of 2016, 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 of 2017 reached EUR 20.1 million which is by EUR 1.7 million or 9% more than in the first half of 2016. The sales volume in the first half of 2017, compared with the first half of 2016, has increased 17 times in Denmark, 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 of 2017, the sales volume in Latvia reached EUR 3.6 million and has decreased by EUR 0.18 million or 5% in comparison with the first half of 2016.

In the first half of 2017, sales of the active pharmaceutical ingredients reached EUR 3.7 million, which is by EUR 0.5 million or 16% more than in the first half of 2016. During this reporting period Grindex mainly exported its active pharmaceutical ingredients to the EU countries, Canada, Australia and Japan. The most required active pharmaceutical ingredients of Grindex in the first half of 2017 were ftorafur, oxytocin, zopiclone, xylazine, pimobendan and medetomidine.

The Chairman of the Board of Grindex, Juris Bundulis said that the dynamic increase in the net profit and turnover in the first half of 2017 indicates that the company has 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 Grindex to recognize its strengths and effectively use a favorable situation for a further development," he said.

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