Cosmetics Manufacturer JSC “Madara Cosmetics“It is planned to reach a turnover of 15 million euros this year,” Uldis Iltners, a member of the company’s board, said at the Nasdaq Riga webinar on Tuesday.
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The company’s forecasts for the next three years will be published at the end of the year, Iltners said.
He explained that the results of the first half of the year have shown that the company will be able to achieve the previously set goal of achieving a turnover of 15 million euros per year this year. Iltners added that currently the company’s production capacity would allow to work with a turnover of 25 million euros.
“Currently, Madara Cosmetics’ market share in European markets is still very small, so we have huge growth potential. So we will continue to work on brand awareness, as well as the development of physical and online sales channels,” said Iltners.
He added that the company will focus on the development of e-commerce, attracting new retail customers, as well as the development of new product lines to achieve its goals.
Iltners said that despite strict sales restrictions in many European countries, the first half of the year was a successful period for attracting new customers or physical stores, for example, in Germany and France, the company has opened several dozen new outlets in the first half.
It has already been reported that the turnover of the Madara Cosmetics group in the first half of this year was 8.217 million euros, which is 47% more than in the corresponding period of 2019, but the group’s profit has increased 2.2 times and amounted to 1.807 million euros.
Among other things, the Group’s revenue from sales in Latvia in the first half of 2020 increased by 56.6% compared to the first half of 2019, reaching 2.282 million euros, revenue from sales in other European Union countries increased by 45.5%, reaching 5.43 million euros, but revenues from sales of products in other markets have increased by 19.2%, amounting to 401.3 thousand euros.
The largest market outside Latvia for Madara Cosmetics is Finland. In the first half of 2020, the company’s revenue in Finland amounted to 1.32 million euros, which is 2% less than in the corresponding period last year.
The company’s largest owners are Uldis Iltners (24.08%), Lote Tisenkopfa Iltnere (23.92%), Finland’s Transmeri Group Ab (23.09%), Zane Tamane (7.61%) and Liene Drāzniece (6, 83%). Madara Cosmetics shares are listed on the Nasdaq Riga alternative market First North.
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