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JSC Latvijas balzams announces unaudited year results of 2020

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Unaudited net revenue of the leading producer of alcoholic beverages in the Baltic states, JSC Latvijas balzams, for the year 2020 reached EUR 68.6 million, a decrease by 12.4% against the year 2019, mainly affected by the Covid-19 pandemic situation in many parts of the world and the restrictions implemented by national governments.

The net profit for the reporting period is EUR 9.3 million, which is 7.6% less as in the respective period in the year 2019 due to a decrease in sales volumes. The operating profit for the year 2020 amounts to EUR 7.4 million, which is less than as in respective period on the year 2019 (EUR 8.00 million). The operating profit/turnover for the year 2020 is 10.8 % (2019: 7.9%).

AS Latvijas balzams is one of the largest local taxpayers. During the reporting period, the Company paid taxes of EUR 70.3 million to the state budget, including excise tax amounting to EUR 55.6 million.

For more information visit section Latest Financial Indicators.