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International Internet Magazine. Baltic States news & analytics Wednesday, 20.03.2019, 18:02

Sales of Madara Cosmetics company up 29% in nine months

BC, Riga, 14.11.2018.Print version
Latvia’s Madara Cosmetics company in the first nine months of this year generated EUR 6.958 ln in sales, which is by 29% more than in 2016, according to the company’s financial report submitted to the Nasdaq Riga stock exchange.

At the same time, in the third quarter of this year Madara Cosmetics increased its sales by 26% to EUR 2.298 mln.

In the third quarter of this financial year, Latvia's sales volume increased by 33% y-o-y, in the European Union (excluding Latvia) a slightly lower sales increase of 29%, sales outside the European Union decreased by 26%, which can be explained by an abnormally high sales volume there in the third quarter of 2017.

Overall, the markets outside the European Union showed a solid performance and allow one to expect further upside, the company reported.

In Latvia and other European Union countries, which account for more than 90% of the company's business volume, the conditions for the natural cosmetics segment remain favorable. This provides a positive outlook for the fourth quarter of this year, which historically has been the strongest quarter.

Management turnover guidance for 2018 at EUR 10 mln remains intact, representatives of the company said.

Founded in 2006 by several individuals, Madara Cosmetics has been listed several on the Nasdaq Riga alternative market First North since November 10, 2017.

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