Agriculture, Foodstuff, Good for Business, Latvia, Markets and Companies

International Internet Magazine. Baltic States news & analytics Thursday, 25.04.2024, 02:22

Balticovo doubles 2015 profit due to high egg prices in export markets

BC, Riga, 18.07.2016.Print version
Latvian egg producer Balticovo last year generated EUR 45.9 mln in turnover, up 7 % from 2014, when the company's turnover was EUR 42.8 mln, and showed a profit of EUR 5.6 mln at a more than double growth compared to the 2014 profit of EUR 2.15 mln.

Balticovo board chairman Vadims Vlasovs told LETA that the profit was boosted by high egg prices in Europe due to an outbreak of bird flu in the United States in 2015.

 

However, the circumstances just as suddenly turned around for European egg producers at the beginning of 2016, causing surplus of eggs and decline of prices.

 

Last year Balticovo produced 620 mln eggs, up 9 % from 2014, with exports accounting for 65 % of total turnover. In addition to existing long-time cooperation within the EU, the company started egg exports to Belgium and Bulgaria and raised cooperation with customers in Slovakia to a new level of quality.

 

In 2015 sales figures improved for all key categories of Balticovo products compared to 2014, Vlasovs said.

 

Last year Balticovo also focused on improving internal production and management processes and received top-level BRC food quality certification.

 

Balticovo market share in Latvia is about 40 %.

 

Balticovo is 95-% owned BCO, a company that belongs to several Latvian individuals.





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