“Luminor Bank” has granted a loan of 3.2 million euros to the investment project of the malt house “Latmalt” SIA for the improvement of the malt production process, inform the bank’s representatives.
In general, the company plans to invest four million euros in the project.
Gundars Ruža, chairman of the board of “Latmalt”, explains that, by implementing the relevant investment project, “Latmalt” wants to make the production process more efficient, so that in times of higher demand, the company will be able to provide larger production volumes and be more competitive in terms of the offered price.
The company also informs that the goal of the investment project is to double the production capacity.
Also, the company plans to implement initiatives that will reduce the impact of economic activity on the environment and improve energy efficiency, for example, solar panels will be installed, producing electricity that will cover about a quarter of the company’s consumption, as well as the wastewater system will be improved.
The investment project is also financed by the Rural Support Service.
Ruža notes that the company produces various types of malt, which is the basic raw material in the production of beer and non-alcoholic malt beverages, and is also used in the preparation of flour, bread and confectionery. The capacity of the company’s production equipment provides the opportunity to produce malt in both small and large batches.
He also mentions that grain grown in Latvia is used in production. By-products formed during malt production are realized and processed into animal feed or used for heating, biogas production.
The total capacity of the malt house is about 3300 tons of malt per year.
In the financial year, which lasted from August 21, 2020 to June 30, 2021, “Latmalt” worked with a turnover of 1.69 million euros and made a profit of 43,973 euros.
The “Latmalt” ice cream shop in Staļžene, Jelgava county, started operating in 2014, but the company was registered in 2020. The share capital of the company is EUR 1,618,400. “Latmalt” is a 100% subsidiary of the agricultural services cooperative society “Latraps”.
