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International Internet Magazine. Baltic States news & analytics Tuesday, 19.03.2024, 09:20

Elko Grupa reports EUR 14 mln in audited 2017 profit

BC, Riga, 21.04.2018.Print version
Latvian wholesaler of IT products Elko Grupa turned over EUR 1.593 billion in 2017, up 9.1% against 2016, while the group’s audited profit swelled 62% to EUR 14 million, writes LETA, according to the company’s financial report to the Nasdaq Riga stock exchange.

“The acquisition of new markets, expansion of the product range and successful operations in existing markets have enabled the Elko Grupa to grow faster than the market as a whole,” the group’s management said in the statement.


It was also noted in the report that Elko Group achieved growth also thanks to improved market conditions and the acquisition of Swedish hardware and electronics distributor Gandalf Distributors in July 2017.


The gross profit of Elko Grupa was EUR 78 million, according to audited data. “The increase in gross profit reflects the company’s focus on withdrawing from the outsourcing of some business operations, mainly in the CIS region, and on optimizing operations,” the company’s management said.


The stabilization of CIS market conditions and the trend towards slow growth, recent expansions, as well as company’s management strategic and operational efforts allow the company to estimate that it will continue to grow in coming year. In the light of given market risks, management has assigned priority to the continuous management of working capital, Elko Grupa said in the report.


Elko Grupa closed 2016 with EUR 1.319 billion in turnover and EUR 7.708 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.






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