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The company said that increase in turnover was mainly achieved by increase of orders from its biggest Private Label customer SPI Cyprus, although the overall profitability level is lower than selling Latvijas Balzams brands. Additional positive effect on turnover come from increased level of warehouse and logistics services provided to both third party and Group companies.

The profit decrease is mainly due to the fact that 2016 numbers include income from one–off transactions like compensation received from insurance company for fire case in 2014 in amount of EUR 280,000 and profit from sale of real estate in amount of EUR 594,000.

"In the last quarter of 2017 the Company will keep focusing on investment opportunities in existing and new export markets with strong growth potential and accelerating sales. We’ll keep the strong focus on our core brands - Riga Black Balsam and Cosmopolitan Diva - investing into international recognition, brand equity and increasing market share," the company said.

The Company will also continue to improve the efficiency of production with focus on purchasing, planning and infrastructure improvements to support our goal - to deliver quality products with a competitive cost advantage.

Company has developed large-scale plant modernization and reconstruction project with aim to merge both production plants into one territory. Project will allow to improve company`s competitive positions among the region producers by decreasing labour, logistics and production costs. Total costs of project estimated at amount of EUR 23 million. Latvian government supported project by granting CIT discount after fulfillment of the project. At this moment Company finalizing technical project works and is going to present project to shareholders to obtain their final approval on investment during regular shareholder meeting.

In the first nine months of 2016 Latvijas Balzams posted EUR 54.598 million in sales and EUR 4.988 million in profit.

Latvijas Balzams has been part of Amber Beverage Group since October 2014. Amber Beverage Group was created by a combination of Baltic companies - Latvijas Balzams, beverage distributors SPI Distribution Latvia, SPI Distribution Estonia and Bennet Distributors in Lithuania, and also the specialized beverage store chain Latvijas Balzams Veikali in Latvia and Darija in Lithuania. Amber Beverage Group was founded by and belongs to the Netherlands-registered company S.P.I. Regional Business Unit B.V.

Latvijas Balzams shares are quoted on the Secondary List of the Nasdaq Riga stock exchange.