All news

JSC Amber Latvijas balzams announces unaudited year results of 2022

nikhil fHOc 5r6LMg unsplash

The unaudited net revenue of the leading producer of alcoholic beverages in the Baltic states, JSC Amber Latvijas balzams (also – the Company), for the year 2022 reached EUR 108.1 million euros, an increase of 37.7% against the respective period in 2021; the gross profit for the reporting year has grown by 7.6% reaching 19.3 million euros.

The increase in turnover compared to 2021 mainly is related to improvements in the economic situation and the result of lifting the Covid-19 restrictions imposed by national governments that has resulted in a sales volume increase. Also, the Company continues to develop cooperation with clients in Sweden and Germany by increasing the sales volume in respective markets.

The gross profit for the reporting year is 19.3 million euros (an increase of 1.4 million euros or 7.6% vs 2021). The change in gross profit compared to 2021 was impacted by the increase in production volume (+15.4%), as well as the Company’s active work on the review of sales prices to reduce the impact of cost increases on its results.

The unaudited net profit of the reporting year is EUR 6.3 million (a decrease of EUR 2.4 million or 27.5% vs 2021), which was affected by both the above-mentioned factors and recognized losses from exchange rate fluctuations.

AS Amber Latvijas balzams is one of the largest local taxpayers. During the reporting period, the Company paid taxes of EUR 74.9 million to the state budget, including excise tax amounting to EUR 60.9 million.

For more information visit section Latest Financial Indicators.

JSC Amber Latvijas balzams

Chairman of the Board

Intars Geidāns