Amber Latvijas balzams announces the unaudited net turnover of the Company in the nine months of 2024 (as of 30.09.2024)
The company's unaudited net turnover in the nine months of the year 2024 reached 57.0 million euros, which is 18.4% less than in the corresponding period in 2023. Total sales (in 9Lcs terms) in the nine months of 2024 were 18.7% lower than in the corresponding period in 2023.The strategic decisions made by Stoli Group, as the largest customer with share 44% of total volumes, regarding the development of Stoli products, affected order volumes in year 2024.
The gross profit in the reporting period was 12.0 million euros, which is increase of 2.5 million euros (+26.0%) compared to the corresponding period in 2023. The gross profit indicator was negatively impacted by the decline in sales volume, but this was more than offset by the reduction in the cost of the most important raw materials and materials used in the production process (decreased by 27.7% compared to the corresponding period in 2023), mainly due to more favorable procurement of raw materials.
Operating profit for the nine-month of 2024 amounts to 2.9 million euro, which is significant improvement compared to the corresponding indicator in 2023 (in the amount of 0.5 million euros). Operating profit margin increased from 0,8% in nine-month 2023 to 5,1% in nine-month 2024. Overall, distribution, administrative, and other operating income and expenses did not change significantly compared to the previous period. The main impact on the operating profit deviations was the factors described above related to changes in total profit.
In the reporting period, the Company's unaudited net profit is 3.6 million euros, which is an improvement of 2.4 million euros compared to the corresponding period in 2023.
It is objectively expected that the planned sales volumes will significantly improve, which, combined with the stability of raw material purchase prices and continuous work on optimizing production costs, will allow a return to positive financial performance indicators.
AS “Amber Latvijas balzams” is one of the largest taxpayers in the country. During the reporting period, the Company paid 54.9 million euros in taxes to the state budget, including 41.9 million euros in excise duty.
More information can be found on the Company’s website in the Latest Financial Indicators section. The Company will continue to increase production efficiency in the future, emphasizing the reduction of production costs and the increase in production efficiency, as well as continuing to work on increasing sales volumes and prices, thus improving the Company’s profitability.
JSC Amber Latvijas balzams
Chairman of the Board
Andrejs Višņausks
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