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Latvijas balzams announces the results of the first half of 2021

The net revenue of the leading producer of alcoholic beverages in the Baltic states, JSC Latvijas balzams, for the first half of the year 2021 reached EUR 31.6 million euros, an increase by 4,7% against the respective period in 2020. The increase in turnover is related to the improvement of the economic situation and as the result of facilitating the restrictions imposed by national governments on the Covid-19 pandemic situation.

The net profit for the reporting period is EUR 3.1 million, which is higher by 25.1% than in the respective period in the year 2020 and which has been positively affected by an increase of order volumes, by the implementing of the Company’s process efficiency measures and the cost reduction activities as well.

AS Latvijas balzams is one of the largest local taxpayers. During the reporting period, the Company paid taxes of EUR 31.9 million to the state budget, including excise tax amounting to EUR 25.4 million.

Joint stock company Latvijas balzams is the leading producer of alcoholic beverages in the Baltics with a rich history since 1900. The company owns two alcoholic beverage plants in Riga – a strong alcoholic beverage plant and a sparkling wine and light alcoholic beverage plant. Latvijas balzams is one of Latvia’s leading exporters – its products are available in 180 countries around the world.

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

JSC Latvijas balzams
Chairman of the Board
Intars Geidāns