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Profit of "Grindeks" in the first nine months of 2013 -- 5.4 million lats
On 29 November, the financial statements of the JSC "Grindeks" on the first nine months of 2013, submitted to "NASDAQ OMX Riga", indicate that the Group's turnover in the first nine months 2013 was 56.5 million lats, which is by 6.4 million lats or 12.8% more than in the first nine months of 2012. Whereas, the net profit of the Group, related to the shareholders of the holding company, in the first nine months of 2013 was 5.4 million lats that comparing of the first nine months of 2012 has increased by 0.4 million lats or 8%. The gross profit margin in the first nine months of 2013 was 59.5%, whereas, the net profit margin was 9.6%. In the first nine months of 2013 the products manufactured by the Group were exported to 55 countries all over the world for the total amount of 53.6 million lats that comparing to the first nine months of 2012 has increased by 6.2 million lats or 13.1%.
The sales volume of the final dosage forms of "Grindeks" in the first nine months of 2013 was 50.1 million lats and has increased comparing to the same period of the previous year by 3.4 million lats or 7.3%. The main markets of the final dosage form are Russia, other CIS countries, Georgia and the Baltic States. The sales amount in Russia, other CIS countries and Georgia in the first nine months of 2013 was 43 million lats, which is by 2.6 million lats or 6.4% more than in the first nine months of 2012. Whereas, the sales amount of final dosage forms in the Baltic States and other European countries reached 7 million lats, which is by 0.7 million lats or 11.1% more than in the first nine months of 2012.
The sales of active pharmaceutical ingredients in the first nine months of 2013 reached 6.4 million lats, which is by 3 million lats or 88.2% more than in the first nine months of 2012. The main export markets of the "Grindeks" active pharmaceutical ingredients are the Netherlands, Germany, Canada, Ireland and Japan. The most demanded active pharmaceutical ingredients of "Grindeks" are zopiclone, oxytocin, ftorafur (tegafur) and UDCA (ursodeoxycholic acid).
JSC "Grindeks" Chairman of the Board Juris Bundulis: "In the first nine months of 2013 the turnover and profit growth is significant, but less than originally planned. "Grindeks" has always been the long-term development-oriented company, and therefore we will continue to invest in both product portfolio development and acquisition of new markets. We will continue activities in China and the Scandinavian countries, as well as we will realize a number of important niche projects in several Western Europe countries. We will pay even more attention on generics portfolio development, research and development of original products, effective cost management and improvement of performance of 13 representative offices."
"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. The Group of "Grindeks" consists of four subsidiary companies in Latvia, Estonia and Russia, as well as representative offices in 13 countries.
"Grindeks" specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups. A range of products covers a successful combination of original products and generics, with the original products Mildronate(R) and Ftorafur(R) and more than 100 forms of effective and safe generics included therein. Currently "Grindeks" produces 24 active pharmaceutical ingredients.
Products of the company are exported to 55 countries and its export comprises more than 95% of the total turnover. The main markets are: Russia and other CIS countries, the Baltic States, Germany, the Netherlands, Japan and the U.S.
To increase production capacity and develop infrastructure, since 2002 the company has accomplished many significant investment projects, investing 45.6 million lats over the years.
JSC "Grindeks" shares are listed on the Official List of "NASDAQ OMX Riga". Major shareholders of JSC "Grindeks" are Kirovs Lipmans -- 33.29%, Anna Lipmane -- 16.69%, "AB.LV Private Equity fund 2010" -- 11.38%, "Skandinaviska Enskilda Banken" (nominal holder) -- 10.02%, "Swedbank" AS Clients Account (nominal holder) -- 8.84%.
More information about the company -- www.grindeks.lv/en/