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Grindeks turnover in Baltic State grew 11% in 2017

Photo: flickr.com/State Chancellery.
Grindeks’ turnover was EUR 95.9 million in the first nine months of 2017, which is EUR 23.5 million or 32% more than in last year’s period, according to unaudited financial accounts submitted to Nasdaq Riga.

The concern’s net profit was EUR 6.5 million in the nine months of 2017. Compared with last year’s period, an increase of 1% is noted.

Profitability of gross profit in 2017 was 58%, and that of clean profit, on the other hand, was 7%. In the nine months of this year, Grindeks products were exported to 69 countries of the world worth EUR 88.8 million, which is EUR 24 million or 37% more than last year.

Sales of Grindeks ready-made medicines reached EUR 89.7 million in the nine-month period of 2017, which is EUR 23.8 million more than last year.

Sales in Russia, CIS countries and Georgia reached EUR 58.9 million in 2017, which is 54% more than last year. Compared with nine months of 2016, sales have nearly doubled in Tajikistan. Sales in Russia have grown 87%, sales in Azerbaijan – by 40%, in Kyrgyzstan – 36%, in Ukraine – 28%, and in Armenia – 26%.

Sales in Baltic States and other countries have reached EUR 30.7 million this year, which is EUR 3.1 million or 11% more when compared with last year. Sales in France have grown 78%, in Czech Republic – by 73%, in Spain – 52%, and in Vietnam – by 47%.

Sales volumes in Latvia were EUR 5.4 million in the nine months of 2017, which is EUR 0.05 million or 1% less than last year.

Sales of active pharmaceutical substances reached EUR 5.3 million in 2017, which is EUR 0.6 million or 12% more than last year. In the aforementioned period, Grindeks’ largest volume of exported active pharmaceutical substances was sent to EU member states, Canada, Australia and Japan.

Grindeks board chairman Juris Bundulis notes that the concern demonstrated a significant increase of turnover in this year’s nine months: «In a situation is steep competition, we have accomplished major results – investments in marketing and sales have proven themselves, securing returns and providing new sales opportunities. In the future, we will focus on export growth and expansion of the product assortment,» he said.


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