The net turnover of JSC “Valmieras stikla šciedra”, which is celebrating its 60th anniversary this year, has reached 128 million euros in 2022, which is a significant increase compared to 2021, when the company worked with a turnover of 90.5 million euros, the company informs.
The company has also been able to return to its previous level of profitability. Over the past two years, thanks to shareholders’ investments and profits, the company’s equity has been increased by 50.5 million euros.
The company explains its success with the development of the production plant in the electric car sector, proving itself as a serious supplier of raw materials in this area, winning several tenders in the automotive industry – in the production of electric cars for the separation of battery cells and the protection of battery blocks, for example, the new Volkswagen Premium Platform Electric and Toyota bz4X.
“The last two years have been a time of great change for the company, so we are pleased that the fruits are already visible and, despite the global pandemic and geopolitical upheavals, AS “Valmieras stikla šciedra” continues to show high turnover and profit indicators. Although these events have drastically changed the usual working environment, new opportunities and new markets have opened up for us, in which we strengthen ourselves in leading positions. We are recognized in the world as an innovative, sustainable and growth-oriented Latvian company, which is confirmed not only by our development goals, but also by our financial goals,” comments Stefans Jugels, chairman of the board of JSC “Valmieras stikla šciedra”.
The company exports more than 95% of its production, and the main market is Western Europe, but the business volume is also being increased in North America and Asian countries. In percentage terms, the European Union accounts for 75% of the company’s market volume, America – 14.2%, Asia – 6.5%, the Middle East – 2.3%, and other countries – 2%. Currently, AS “Valmieras stikla šiedra” is the only western supplier of high-temperature resistant glass fiber products.
JSC “Valmieras stikla šciedra” is one of the largest taxpayers in Latvia, which annually allocates approximately 10 million euros to the state budget. The regional importance of the company is equally important – AS “Valmieras stikla šciedra” is the largest employer in Vidzeme, providing jobs and income for 1,201 employees.
