The financial statements of the JSC “Grindeks” for the first half of the year
2008, submitted to Riga Stock Exchange, certify that the Group of “Grindeks”
has operated successfully during the first six months of this year. The net
profit during the reporting period is 5 million lats, which is by 43% more than
in the first half of 2007. The turnover of the Group during the first half year
amounts to 31.9 million lats, which is by 6 million lats or 23% more than in
the first half of 2007.
“Grindeks” sales volume of ready-made medications in the first half of the year
2008 is 29.6 million lats, exceeding the result of the comparable reporting
period of 2007 by 5.8 million lats or 24.5%. Sales of ready-made medications
in the main markets, Russia and other CIS countries, amounted to 26.7 million
lats. During the reporting period sales of the original product Mildronate®
amounted to 24.6 million lats or 78% of the total sales volume of ready-made
medications, which is by 6.8 million lats or 38% more than in the first half of
the year 2007.
The chairman of the Board of “Grindeks” Jānis Romanovskis points out:
„“Grindeks” results for the first half of the year 2008 show that the marketing
and sales strategy of the ready-made medications in Russia and other CIS
countries is being realized successfully. Besides, the effectiveness of the
Group is approved by the continuity of large-scope investment program during
the tense economical situation in Latvia. The major investment projects of
“Grindeks” - the expansion of the production unit of ready-made medications
with the investment of 7.5 million lats, as well as the construction of
purification plant at the Latvian production site with the investment of 2.5
million lats - are proceeded according to agreed schedule.”
The profit ratio of “Grindeks” was also positively influenced by the export of
active pharmaceutical ingredients (APIs) that reached 2.3 million lats during
the first half year of 2008, which is 0.1 million lats or 5% more than in the
first six months of 2007.
The chairman of the Board of “Grindeks” Jānis Romanovskis notes: “Currently
“Grindeks” continues to hold the acquired market shares on the APIs market in
the European Union and worldwide. However, it is important to mention that
“Grindeks” production of APIs has completely satisfied increasing internal
demand for APIs, including the substance of mildronate for the production of
ready-made medications.”
JSC “Grindeks” is the leading pharmaceutical company in the Baltic States. Its
main fields of action are: research, development and manufacturing of brand
products, generics and active pharmaceutical ingredients. “Grindeks”
specializes in the heart and cardiovascular, CNS and anti-cancer medication
therapeutic groups.
A range of “Grindeks” products covers a successful combination of original
products and generics, with the original products Mildronate® and Ftorafur® and
more than 100 forms of effective and safe generics included therein.
“Grindeks” concern consists of four subsidiary companies in Latvia, Estonia and
Russia, as well representatives and representative offices in fourteen
countries. Products of the company are exported to more than 40 countries and
its export comprises more than 96% of the total turnover. The main markets are:
the Baltic States, Russia and other CIS countries, Japan, USA. “Grindeks”
shares are listed in the Official List of Riga Stock Exchange.
You are kindly invited to www.grindeks.lv to find out more about our company!
Contacts:
Laila Klavina
Head of the Communications Department
JSC “Grindeks”
Phones: +371 67083370, + 371 29256012
e-mail: laila.klavina@grindeks.lv
