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Amber Latvijas balzams announces the results of the first half of 2022

The net revenue of the leading producer of alcoholic beverages in the Baltic states, JSC Amber Latvijas balzams, for the first half of the year 2022 reached EUR 40.6 million euros, an increase of 28.5% against the respective period in 2021. 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. Also, the Company continues to develop cooperation with clients in Sweden and Germany by significant increase of sales volumes in respective markets.

The net profit for the reporting period is EUR 3.3 million, which is higher by 7.7% than in the respective period in the year 2021. The increase in net profit was positively affected by the increase in turnover but negatively by the rapid increase in the prices of raw materials and energy resources which was partly compensated by revising sales prices.

As the result of the invasion of Russian military forces in Ukraine in February 2022, the Company faced a number of significant changes, mostly such as an increase in prices for raw materials and energy, their availability, rescheduling of supply chains to meet production plans approved by customers, as well as with the need to review sales prices. Similarly, the international sanctions regime imposed on Russia and the close monitoring of fulfilment of sanction requirements has also affected the Companies’ day-to-day operations. The Company has successfully adapted to the new situation in close cooperation with the management of Amber Beverage Group and continues to follow the development of the situation.

AS Amber Latvijas balzams is one of the largest local taxpayers. During the reporting period, the Company paid taxes of EUR 34.6 million to the state budget, including excise tax amounting to EUR 28.2 million.

Joint stock company Amber Latvijas balzams is the leading producer of alcoholic beverages in the Baltics with a rich history since 1900. The company owns two alcoholic beverage plants in Riga – a strong alcoholic beverage plant and a sparkling wine and light alcoholic beverage plant. Latvijas balzams is one of Latvia’s leading exporters – its products are available in 180 countries around the world.

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

JSC Amber Latvijas balzams
Chairman of the Board
Intars Geidāns