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JSC Amber Latvijas balzams announces financial results of the first quarter of the year

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The net revenue of the leading producer of alcoholic beverages in the Baltic states, JSC Amber Latvijas balzams, for the first three months of year 2022 reached EUR 17.8 million euros, an increase by 33.8% 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.

The net profit for the reporting period is EUR 0.7 million, which was mainly affected by a sharp increase in prices for raw materials and energy resources as well as marketing activities carried out for the promotion of the brands produced by AS Amber Latvijas balzams in the international market.

“As the result of the invasion of Russian military forces in Ukraine in February 2022, we had to face a number of significant changes: the increase in prices for raw materials and energy, their availability, rescheduling of supply chains to meet production plans approved by customers, and the need to review sales prices,” commented JSC Amber Latvijas balzams Chairman of the Board, Intars Geidāns.

“Despite the fact that in the second half of 2022, an increase in prices for raw materials and resources is expected, and, according to forecasts, the prices for practically all packaging materials, raw materials and resources will increase, we will continue improving the efficiency of production, with a focus on purchase, planning and infrastructure improvements to support our goal: to deliver quality products with a competitive cost advantage,” said Intars Geidāns.

AS Amber Latvijas balzams is one of the largest local taxpayers. During the reporting period, the Company paid taxes of EUR 18.3 million to the state budget, including excise tax amounting to EUR 15.2 million.

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

JSC Amber Latvijas balzams
Chairman of the Board
Intars Geidāns