Today, on 26 November the financial statements of the JSC “Grindeks” on the
first nine months of the year 2010 submitted to “NASDAQ OMX Riga” indicate that
the net profit of the Group of “Grindeks” (hereinafter - the Group) was 5.2
million lats in the reporting period, which is three times higher than the
results of the first nine months of 2009. In its turn, the Group's turnover of
the first nine months of 2010 was 46.9 million lats, which is by 8.35 million
lats or 21.7% more than during the first nine months of 2009. The Group's gross
profit margin, in the first nine months of 2010, was 54.6%, whereas, net profit
margin comprised 11.1%.
During the reporting period the Group's production was exported to 51 countries
worldwide, in total for 44.5 million lats, which is by 7.9 million lats or
21.6% more than in the same reporting period of the previous year.
Sales volume of the final dosage forms of “Grindeks” amounted to 40.9 million
lats in the first nine months of 2010, which is by 6.15 million lats or 17.7%
more compared with the results of the first nine months of the previous year.
In the first nine months of 2010 amount of “Grindeks” final dosage forms`
export to the main markets - Russia, other CIS countries as well as Georgia -
comprised 35.7 million lats. In its turn, turnover of the final dosage forms to
the Baltic and other European countries reached 5.2 million lats.
The main export markets for active pharmaceutical ingredients of “Grindeks” are
Europe, Japan, the USA, Australia, Pakistan and India. In the first nine months
of 2010 the active pharmaceutical ingredients` sales reached 6.0 million lats,
which is by 2.2 million lats or 57.9% more than in the first nine months of
2009.
“Grindeks” Chairman of the Board Janis Romanovskis: “Operating results of
“Grindeks” in the first nine months show positive growth in sales - steady
growth is seen in sales of both the final dosage forms and active
pharmaceutical ingredients. Results are achieved through marketing activities
and sales promotion in key markets, strengthened strategy for the introduction
and promotion of generics, as well as strict cost control. Also “Grindeks”
future plans are connected with a targeted diversification of business - we
will continue to introduce new products, enter into new markets, increase
production capacity, as well as deliberately invest funds for future
development.”
On “Grindeks”
“Grindeks” is the leading pharmaceutical company in the Baltic States. Its main
fields of action are: research, development, manufacturing and sale of original
products, generics and active pharmaceutical ingredients. “Grindeks”
specializes in the heart and cardiovascular, CNS and anti-cancer medication
therapeutic groups.
The Group of “Grindeks” 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 50
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 and
the USA. JSC “Grindeks” shares are listed on the Official List of “NASDAQ OMX
Riga”.
Further information:
Ilze Kreicmane
Acting Head of the Communications Department, JSC “Grindeks”
Phones: (+371) 67083336, (+371) 26466681
Fax: (+371) 67083505
e-mail: ilze.kreicmane@grindeks.lv
