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Latvijas balzams announces unaudited 9-month operating results

The unaudited net revenue of the leading producer of alcoholic beverages in the Baltic States, AS Latvijas balzams (hereinafter also – the Company), for the first nine months of the year 2021 reached EUR 53.0 million euros, an increase of 12.1% 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 6.3 million, which is higher by 39.3% than in the respective period in the year 2020 and which has been positively affected by an increase of order volumes, by the implementation of the Company’s process efficiency measures and the cost reduction activities as well.

The operating profit for the first nine months of 2021 amounts to EUR 5.4 million, which is higher than as in the respective period on the year 2020 (3.1 million euros). The operating margin for the reporting period is 10.1% (2020: 6.6 %).

AS Latvijas balzams is one of the largest local taxpayers. During the reporting period, the Company paid taxes of EUR 49.8 million to the state budget, including excise tax amounting to EUR 39.3 million.

More information can be found in section Latest Financial Indicators.

JSC Latvijas balzams
Chairman of the Board
Intars Geidāns