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JSC Latvijas balzams announces unaudited year results of 2021

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Unaudited net revenue of the leading producer of alcoholic beverages in the Baltic states, JSC Latvijas balzams, for the year 2021 reached EUR 78.1 million euros, an increase of 13.8% against the respective period in 2020. 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 8.8 million which is lower by 6% than in the respective period in the year 2020, which was mainly influenced by the marketing activities carried out for the promotion of the brands produced by Latvijas balzams in the international markets. The operating profit for the year 2021 amounts to EUR 7.4 million, which is almost the same as in the respective period of the year 2020 (7.39 million euros). The operating margin for the reporting period is 9.5% (2020: 10.8 %).

AS Latvijas balzams is one of the largest local taxpayers. During the reporting period, the Company paid taxes of EUR 75.8 million to the state budget, including excise tax amounting to EUR 61.2 million.

For more information visit section Latest Financial Indicators.