Grifols announces 36.8% rise in net profit

Grifols has announced its financial results for the first half of the 2008 fiscal year, with the company reporting a 36.8 per cent rise in net profit to 62.2 million euros (50.1 million pounds).

Net profit rose off the back of a 13.8 per cent rise in year-on-year revenues to 407.2 million euros.

EBITDA increased by 30.4 per cent to 118.1 million euros, while the net financial debt was twice the EBITDA.

The firm notes that – up to June 2008 – it collected 21.9 per cent more plasma from its 79 plasmapheresis centres in the US in the first six months of the year than in the same period in 2007.

“Grifols’ long-standing business strategy relies on collecting raw material (plasma) from its own plasmapheresis centres,” the company said.

It added this strategy has a two-pronged objective, to provide raw material with the maximum levels of quality and safety and to control costs.

Grifols said in the first six months of 2008 it had increased to the volume of fractionated volume to the same degree as plasma obtained to provide more final product in the medium term.

Last month, the company announced it will be given funding of up to eight million euros over nine years to purchase four plasma centres.