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Latvijas balzams announces the results of the first half of 2020

The net revenue of the leading producer of alcoholic beverages in the Baltic states, JSC Latvijas balzams, for the first half of year 2020 reached EUR 30.2 million, decrease by 10.7% against first half of year 2019, mainly affected by the COVID-19 pandemic situation in many parts of the world and the restrictions implemented by national governments.

The net profit for the reporting period is EUR 2.45 million, which is 24% less as in respective period on year 2019 due to decrease of sales volumes in the result of COVID-10 pandemic. The Company will continue improving the efficiency of production, with a focus on purchase, planning and infrastructure improvements to support its goal – to deliver quality products with a competitive cost advantage.

AS Latvijas balzams is one of the largest local taxpayers. During the reporting period, the Company paid taxes of EUR 32.5 million to the state budget, including excise duty amounting to EUR 25.4 million.

More information can be found in the Company’s website section Latest Financial Indicators.

Joint stock company Latvijas balzams
Chairman of the Management Board
Intars Geidāns