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Amber Latvijas balzams announces results of the first quarter of 2023

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The unaudited net turnover of the leading producer of alcoholic beverages in the Baltic states, AS Amber Latvijas balzams (hereinafter also – the Company), for the first three months of the year 2023 reached 21.6 million euros, which is 20.4% more than in the corresponding period in 2022. The increase in turnover is related to the sales price changes introduced in the second half of 2022 as well as the implemented initiatives to open new markets for the main brands produced by the Company.

The gross profit in the reporting period was 1.5 million euros, which is a decrease of 1.5 million euros compared to the corresponding period in 2022. The gross profit indicator was affected both by the drop in sales and also by a significant increase in production-related costs and an increase in personnel costs.

The Company’s unaudited net loss for the reporting period is 1.2 million euros, which is a decrease compared to the corresponding period in 2022. However, the Company’s management believes that the financial situation will improve in the following reporting year, taking into account the switched fixed price contracts for the purchase of energy resources, the positive trends in sales dynamics in the export market, as well as a series of initiatives and measures to promote the efficiency of the production process.

AS Amber Latvijas balzams is one of the largest local taxpayers. During the reporting period, the Company paid taxes of EUR 18 million to the state budget, including excise tax amounting to EUR 14.7 million.

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

AS Amber Latvijas balzams
Chairman of the Board
Intars Geidāns