The company finished the year 2024 with a turnover of EUR 58.63 million and a net profit (attributable to parent company owners) of EUR 2.03 million.
The Group has published its consolidated annual report for the year 2024. The year 2024 was marked by continuous strategic focus on optimizing the product range, discontinuing low-margin contracts, and implementing further internal optimizations in all areas. While this led to a unsignificant 10.2% decrease in turnover, gross profit increased from EUR 16.89 million in 2023 to EUR 17.63 million in 2024.
The company continued to expand its trade and commercial activities in terms of markets and products, with approximately 60.4% of its production exporting (excuding LV and POL). Investments were made in continuous modernizing of existing fixed assets, particularly enhancing the equipment for women's hygiene product production.
During 2024 the Group fully repaid its credit and overdraft facilities with BluOr Bank AS in Latvia and trade finance agreement with mBank S.A. in Poland. Different research and development activities continued, with an emphasis on additional new ecological products and quality improvements.
iCotton Group remains one of the largest manufacturers of cotton and personal hygiene products in the European Union. Key export markets include European Union countries, Ukraine, Vietnam, the United Kingdom and plenty of other countries across all continents. The Group plans further developments in the upcoming quarters and years, focusing also on its sales increase.
Financial result overview:
- The company`s turnover: EUR 58.63 million.
- Net profit: EUR 2.28 million.
About iCotton SIA
iCotton is a Latvian manufacturing company, founded in 2011 in Liepāja, and has emerged as the leading producer of cotton and hygiene products in the Baltics. The iCotton group also includes the Polish company Harper Hygienics. The company group produces a diverse range of products, including cotton buds and pads, absorbent pads, wet and dry wipes, and feminine hygiene products. The primary brands of the group are Cleanic (beauty and hygiene products), Kindii (children's products), and Presto (household cleaning products), which enjoy significant recognition in the Polish market.
The company group operates production facilities in Liepāja, spanning an area of 9,000 m² with 11 production lines, and in Warsaw, Poland, covering a production area of 13,200 m² with 44 production lines.