Good for Business, Industry, Latvia, Medicine

"The dynamic increase shows Grindex is now on a wisely chosen and stable course of strategic development, based on strengthening existing positions in the current markets as well as successful expansion into new regions. In 2018, additionally to our traditional markets we are motivated to proceed with business development in the EU countries, where the turnover of nearly EUR 20 mln was already achieved in 2017, and as before, we will continue entering Southeast Asia markets,” said Grindex CEO Juris Bundulis.

Last year, Grindex shipped EUR 124.2 mln worth of its products to 77 countries of the world, as its exports grew 28% y-o-y.

Sales of final dosage forms increased by 28% y-o-y to EUR 124.2 mln in 2017, the Grindex management said.

In 2017, sales in Russia, other CIS countries and Georgia reached EUR 81.1 mln, which is a 39% increase against 2016. In comparison to 2016, the steepest sales increase was achieved in Tajikistan (69%), Russia (53%), Ukraine (40%), Armenia (35%), Azerbaijan (34%) and Kyrgyzstan (34%).

Sales in the Baltic states and other countries grew 11% y-o-y to EUR 43.1 mln. Sales of final dosage forms grew 4.3 times in Slovakia, 3.6 times in Australia, 93% in Albania, 90% in France, 63% in Spain and 60% in Sweden.

In Latvia, sales of final dosage forms rose 2% from 2016 to EUR 7.4 mln in 2017. In Lithuania sales grew 13% and in Estonia 6%.

In 2017, sales of the active pharmaceutical ingredients reached EUR 6.9 mln, which is by EUR 0.6 mln or 9% more than in 2016. During the reporting period the majority of Grindex active pharmaceutical ingredients were exported to the EU countries, Canada, Australia and Japan. The highest demand was recorded for active pharmaceutical ingredients zopiclone, oxytocin, pimobendan, medetomidin, ftorafur (tegafur) and xylazine.

In 2016, Grindex made a profit of EUR 9.503 mln on EUR 105.366 mln turnover.

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.