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He said that the resources have been invested in the new building that had to be adapted for the needs of production. The building’s floor space is 2,700 square meters, including 1,800 square meters for manufacturing and storage premises.

The new plant will be based on the open business principle, open for visitors who wish to get acquainted with the cosmetics production process in the company, said Iltners.

The new equipment was installed already last year, but in August the company completed move to the new premises in Marupe from its old office in Riga. The company now employs 80 people, and all processes now are combined in one plant.

The new plant have allowed the company to increase its production capacity five times.

As reported, Madara Cosmetics in the first half of this year posted EUR 2.5 mln in sales and earned EUR 300,000 in profit.

Iltners said that it is by 43% more than in the respective period last year. Turnover rose thanks to successful operations in export markets, and the turnover achieved in the first half of this year has been a new record in the company’s history.

In 2015 Last Madara Cosmetics posted EUR 3.91 mln in sales, and the company’s profit was EUR 489,018, up 19%.

Madara Cosmetics expects its further growth to be driven by exports, expanding in the existing foreign markets and entering new foreign markets. The company intends to invest its 2015 profit in business development, the management said.

Founded in 2006, Madara Cosmetics has several shareholders, mostly Latvian individuals.