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International Internet Magazine. Baltic States news & analytics Thursday, 09.04.2020, 17:02

Non-audited profit for Grindeks EUR 12.9 mln in 2019

BC, Riga, 28.02.2020.Print version
According to the non-audited financial results submitted by the joint-stock Latvian pharmaceutical company Grindeks to the Nasdaq Riga Stock Exchange, the Group’s profit in 2019 attributable to shareholders of the parent company was EUR 12.9 mln euro, informed LETA/BNS.

The Group’s turnover in 2019 was EUR 141.4 mln. In 2019, the Group’s production was exported to 84 countries worldwide, a total of EUR 132 mln.

''The last year was a success as we managed to reach 12.9 mln euro in profit – this is a guarantee for the further development of the Group. In the recent years, the pharmaceutical industry has been changing, and now pharmaceutical businesses must operate in an environment where customer needs are becoming more specific. Grindeks Group potential to offer solutions tailored to customer needs is very high. Our strategic business development goal is to be one step forward of the intense competition and expand Grindeks activities in our traditional markets, and in European Union, South East Asia countries and the USA,'' the company's board chairman Juris Hmelnickis said.

Sales volume of the final dosage forms in 2019 was EUR 132.2 mln. In 2019, the sales amount in Russia, the other CIS countries and Georgia reached EUR 77.9 mln. In comparison to 2018, in 2019 the biggest increase in sales volume was reached in Belarus (20 %), Georgia (18 %), Moldova (13 %) and Armenia (12 %).

Sales volume of the final dosage forms in the EU countries in 2019 reached EUR 50.2 mln. Sales volume in 2019, compared with 2018, increased by 3 times in France, by 2 times in Sweden and Czech Republic, by 52 % in Hungary and by 46 % in Great Britain.

In 2019, sales of the active pharmaceutical ingredients reached EUR 8.6 mln. During this reporting period Grindeks mostly exported its active pharmaceutical ingredients to the EU countries, Japan, Australia and Canada. The most required active pharmaceutical ingredients of Grindeks in 2019 were dexmedetomidine, xylazine and pimobendan.

In 2018, Grindeks operated with EUR 145.477 mln in turnover, and posted EUR 9.737 mln in losses.

In 2019, products of the company were exported to 84 countries. The most significant Grindeks markets include the EU countries, Russia and the other CIS countries, the USA, Canada and Japan.

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