Today, on 28 August, the JSC Grindeks submitted the non-audited consolidated financial statements for the first half-year of 2017 to “Nasdaq Riga”. Non-audited financial results indicate that the Group’s turnover in the first half-year of 2017 was 68.3 million euro and has increased by 21.9 million euro or 47% in comparison to the first half-year of 2016. In the first half-year of 2017, the Group’s net profit, attributable to shareholders of the parent company, was 6.5 million euro and has increased by 2.2 million euro or 53% compared to the first half-year of 2016.
Gross profit margin in the first half-year of 2017 was 58%, while net profit margin was 9%. In the first half-year of 2017, the Group’s production was exported to 62 countries worldwide, a total of 61.2 million euro which is by 19.9 million euro or 48% more than in the first half-year of 2016.
Sales volume of the final dosage forms of Grindeks in the first half-year of 2017 was 61.7 million euro and has increased by 19.5 million euro or 46% in comparison to the first half-year of 2016. In the first half-year of 2017, the sales amount in Russia, other CIS countries and Georgia reached 41.7 million euro, which is by 17.8 million euro or 75% more than in the first half-year of 2016. In comparison to the first half-year of 2016, in the first half-year of 2017 the biggest increase in sales volume has been reached in Russia (2.4 times), Tajikistan (2.1 times), Azerbaijan (48%), Ukraine (44%) and Armenia (26%).
The sales volume in the Baltic States and other countries in the first half-year of 2017 reached 20.1 million euro which is by 1.7 million euro or 9% more than in the first half-year of 2016. The sales volume in the first half-year of 2017, compared with the first half-year of 2016, has increased by 17 times in Denmark, by 2.7 times in Czech Republic, by 79% in Hungary, by 64% in Vietnam, by 55% in France, by 35% in Spain and by 30% in Poland. In the first half-year of 2017, the sales volume in Latvia reached 3.6 million euro and has decreased by 0.18 million euro or 5% in comparison with the first half-year of 2016.
In the first half-year of 2017, sales of the active pharmaceutical ingredients reached 3.7 million euro, which is by 0.5 million euro or 16% more than in the first half-year 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 half-year of 2017 were ftorafur, oxytocin, zopiclone, xylazine, pimobendan and medetomidine.
The Chairman of the Board of JSC Grindeks Juris Bundulis: “The dynamic increase in the net profit and turnover in the first half-year of 2017 indicates that we have successfully achieved the sales and marketing goals set for this period, especially in Russia and other CIS countries. We highly value our performance and keep diversifying Group’s activities and expanding market coverage. Such speed of growth in performance indicators motivates the team of Grindeks to recognize its strengths and effectively use a favorable situation for a further development.”
