Today, on 26 August, financial statements of JSC Grindeks on the first half of the year 2010 submitted to “Nasdaq OMX Riga” indicate that the net profit of the Group of Grindeks (hereinafter – the Group) was 4.1 million lats in the reporting period. It has risen by 0.7 million lats or 20.6% compared with the first six months of 2009. In its turn, the Group’s turnover of the first half-year of 2010 was 32.1 million lats, which is by 2.3 million lats or 7.7% more than during the first half-year of 2009. The Group’s gross profit margin, in the first half-year of 2010, was 56.4%, whereas, net profit margin comprised 12.8%.

During the reporting period the Group’s production was exported to 47 countries worldwide, for 30.5 million lats in total.

Sales volume of the final dosage forms of Grindeks amounted to 27.9 million lats in the first half-year of 2010, which is by 0.6 million lats or 2.2% more comparing to the results of the first half-year of the previous year. In the first half-year of 2010 amount of Grindeks final dosage forms exports to the main markets РRussia, other CIS countries and Georgia Рcomprised 24.4 million lats. In its turn, turnover of the final dosage forms to the Baltic and other European countries reached 3.5 million lats.

The main export markets for active pharmaceutical ingredients of Grindeks are Europe, Japan, the USA, Australia, Pakistan and India. In the first half-year of 2010, the APIs realization reached 4.2 million lats, which is by 1.7 million lats or 68% more than in the first half-year of 2009.

Grindeks Chairman of the Board Janis Romanovskis: “Operating results of Grindeks in the first half of the year are pleasing – stable growth is seen in both final dosage forms, and active pharmaceutical ingredients` realisation. The half-year turnover has reached the best half-year indicator of all time, and this is confirmation of effective marketing and sales activities. Focusing on the new products will help us to strengthen our market position and to ensure growth dynamics.”

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 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 and the USA. JSC Grindeks shares are listed on the Official List of “Nasdaq OMX Riga”.

Further information:
Laila Klavina
Head of the Communications Department, JSC Grindeks
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505

Presentation: Summary of JSC Grindeks results - 1st half-year of 2010 (670 KB)