The past year brought significant challenges for the agricultural sector as a whole; nevertheless, the Cooperative strengthened its competitiveness and advanced sustainable growth despite shifting economic conditions. The reporting period for LATRAPS was stable, with a turnover of EUR 254 million and a profit of EUR 2.7 million.
The year has also been dynamic in terms of development — construction of the pea protein isolate plant ASNS Ingredient was launched in Jelgava, and significant investments were made to increase the capacity of the Madona grain pre-processing complex.
“One of the most significant milestones of the period was the successful completion of the first public bond offering and its subsequent stock exchange listing, demonstrating the confidence of both the industry and the broader public in the Cooperative’s future plans.
This year will also be remembered for the launch of construction on the ASNS Ingredient pea protein isolate plant and for substantial investments in the LATRAPS Madona pre-processing complex.
LATRAPS continues to build on its accomplishments, guided by a strategy of steady, well-reasoned growth. During the reporting period, we prepared several development projects that are now queued for phased implementation. For example, plans for the coming years include modernising the Jaunpagasts, Aizkraukle and Jekabpils complexes to increase their storage capacity,” emphasizes LATRAPS Chairman of the Board, Roberts Strīpnieks.
Despite a year full of challenges, LATRAPS successfully concluded its financial year, achieving a 4% increase in turnover to EUR 254 million. Companies across Latvia continue to face rising operational and labour costs, which, under highly competitive conditions, impact the company’s ability to maintain profitability. As a result, in 2024–2025 the Cooperative generated EUR 2.7 million profit, representing 1.1% of its turnover.
“During the reporting period, significant investments were also made in SIA ASNS Ingredient, which is currently developing a pea processing plant in Latvia. The Cooperative invested EUR 4 million in the company’s share capital, securing a 51.42% stake in the company, and provided a subordinated loan in the amount of EUR 6 million. The total shareholders’ investments in SIA ASNS Ingredient amount to EUR 40 million,” highlights LATRAPS Board Member and Chief Financial Officer, Gundars Ruža.
Despite geopolitical and market challenges, the reporting period saw a stabilisation in the raw materials market, enabling Latvian farmers to plan their economic activities more efficiently. Also past season, farmers experienced one of the earliest harvest starts in history, which allowed LATRAPS to quickly organize the sale of production both in Latvia and abroad. LATRAPS exported Latvian-grown agricultural products to almost 30 countries worldwide, including Morocco, Nigeria, Senegal, the Republic of the Congo, Madagascar, South Africa, Cameroon, and many other countries in Africa as well as here in Europe.
During the 2024/25 financial year, LATRAPS continued to drive innovation, ranging from field trials to algorithms and digital tools. LATRAPS collaborates with academic and research institutions through various programmes focused on sustainable agronomy practices, pest impacts, soil quality and other factors affecting grain and pea cultivation.
More information about LATRAPS’ activities during the 2024/2025 reporting period can be found in the Annual Report.