Today, on 27 November, the JSC Grindeks submitted the non-audited consolidated financial statements for the first nine months of 2017 to “Nasdaq Riga”. Non-audited financial results indicate that the Group’s turnover in the first nine months of 2017 was 95.9 million euro and has increased by 23.5 million euro or 32% in comparison to the first nine months of 2016. In the first nine months of 2017, the Group’s net profit, attributable to shareholders of the parent company, was 6.5 million euro and has increased by 0.04 million euro or 1% compared to the first nine months of 2016.
Gross profit margin in the first nine months of 2017 was 58%, while net profit margin was 7%. In the first nine months of 2017, the Group’s production was exported to 69 countries worldwide, a total of 88.8 million euro which is by 24.0 million euro or 37% more than in the first nine months of 2016.
Sales volume of the final dosage forms of Grindeks in the first nine months of 2017 was 89.7 million euro and has increased by 23.8 million euro or 36% in comparison to the first nine months of 2016. In the first nine months of 2017, the sales amount in Russia, other CIS countries and Georgia reached 58.9 million euro, which is by 20.7 million euro or 54% more than in the first nine months of 2016. In comparison to the first nine months of 2016, in the first nine months of 2017 the biggest increase in sales volume has been reached in Tajikistan (2 times), Russia (87%), Azerbaijan (40%), Kirgizstan (36%), Ukraine (28%) and Armenia (26%).
The sales volume in the Baltic States and other countries in the first nine months of 2017 reached 30.7 million euro which is by 3.1 million euro or 11% more than in the first nine months of 2016. The sales volume in the first nine months of 2017, compared with the first nine months of 2016, has increased by 78% in France, by 73% in Czech Republic, by 52% in Spain, by 47% in Vietnam. In the first nine months of 2017, the sales volume in Latvia reached 5.4 million euro and has decreased by 0.05 million euro or 1% in comparison with the first nine months of 2016.
In the first nine months of 2017, sales of the active pharmaceutical ingredients reached 5.3 million euro, which is by 0.6 million euro or 12% more than in the first nine months of 2016. During this reporting period Grindeks mainly exported its active pharmaceutical ingredients to the EU countries, Canada, Australia and Japan. The most required active pharmaceutical ingredients of Grindeks in the first nine months of 2017 were zopiclone, oxytocin, pimobendan, ftorafur, xylazine and medetomidine.
The Chairman of the Board of JSC Grindeks Juris Bundulis: “In the first nine months of this year Grindeks Group has shown a notable increase in turnover. In the fierce competition among pharmaceutical companies, we have achieved remarkable results –investments in marketing and sales have met expectations, showing successful return and opening up new opportunities. Also in the future, we will mostly focus on export growth and product portfolio development.”
