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

Gross profit margin in 2017 was 58%, while net profit margin was 8%. In 2017, the Group's production was exported to 77 countries worldwide, and the export value was EUR 122.4 million, growing by EUR 27.2 million or 28% from 2016.

Sales of the final dosage forms made by Grindex in 2017 was EUR 124.2 million, rising by EUR 27.2 million or 28% year-on-year. In 2017, sales in Russia, other CIS countries and Georgia reached EUR 81.1 million, which is by EUR 23 million or 39% more than in 2016. In comparison to 2016, the biggest increase in sales was achieved in Tajikistan (69%), Russia (53%), Ukraine (40%), Armenia (35%), Azerbaijan (34%) and Kirgizstan (34%).

In 2017, sales in the Baltic states and other countries reached EUR 43.1 million which is by EUR 4.2 million or 11% more than in 2016. In 2017, sales in Slovakia increased 4.3 times compared to 2016, sales in Australia grew 3.6 times, sales in Albania by 93%, in France by 90%, in Spain by 63%, in Sweden by 60%. In 2017, sales in Latvia reached EUR 7.4 million, growing by EUR 0.1 million euro or 2% in comparison to 2016. Increase in sales has been achieved also in the other Baltic states - in Lithuania by 13% and in Estonia by 6%.

Sales of active pharmaceutical ingredients reached EUR 6.9 million euro last year, which is by EUR 0.6 million or 9% more than in 2016. In 2017 the majority of Grindex active pharmaceutical ingredients were exported to the EU countries, Canada, Australia and Japan.

"The dynamic increase approves 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 million in 2017 was already achieved, and as before, we will continue entering Southeast Asia markets,” said Juris Bundulis, Chairman of the Board of Grindex.

In 2016, Grindex reported consolidated turnover of EUR 105.366 million and a profit of EUR 4.561 million. The turnover of the parent company was EUR 72.727 million and it earned a profit of EUR 4.159 million in 2016.

The Grindex group comprises the parent company, Grindex, and five subsidiaries in Latvia, Estonia, Russia and Slovakia.

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