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The company’s gross profit reached EUR 29.9 million that is increase by 31% comparing to prior year. The increase in gross profit reflects focus of the company to refuse from outsourcing of some business operations mainly in CIS region and optimization of operations, the company’s management said in its report.

The company also said that the key factors driving the company’s growth was the product portfolio significant expansion, and adding of new distribution areas to already existing distribution agreements during the last half-year. Thus, Elko managed to grow faster than the market as a whole, with a turnover growth of 17% compared to the six months of the previous year. There are certain indicators that market condition in CIS region stabilizing and indicate trend towards slow growth. That allows the company to remain optimistic regarding reaching the same trade volumes in 2017.

As reported, in the first half of 2016, Elko Grupa generated EUR 485.256 million in sales and earned EUR 3.875 million in profit.

Elko Group belongs to several legal entities, including investment fund Amber Trust. The company’s bonds are listed on the Baltic Bond List of the Nasdaq Riga stock exchange.