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International Internet Magazine. Baltic States news & analytics Monday, 01.06.2020, 23:28

Estonia: Revenue of Tere, Farmi Piimatoostus dairy group totals EUR 108 mln in 2018

BC, Tallinn, 29.01.2019.Print version
The revenue of the Estonian dairy group Tere AS and Farmi Piimatoostus AS rose 2.3% or 2.5 mln euros on year to 108 mln euros in 2018, informed LETA/BNS.

"The most notable vehicle for development for Tere and Farmi Piimatoostus in the past year was export, the share of which in the company's total revenue amounts to 19.4%," said Katre Kovask, chairman of the management board of Tere AS and Farmi Piimatoostus AS.

The company's export revenue totaled 21 mln euros, growing 16.8w% on year.

"We exported dairy products to a total of 20 different countries in the world. The most notable achievements of the year include the start of export to Sweden's largest commercial chain ICA as well as relaunching export to Japan. In the fresh dairy products sector, both with reference to our brand's as well as private label products, Finland and Latvia continue to be our largest export partners," Kovask said.

Kovask added that the company has overcome its past financial difficulties and active day-today operations have been restored, which is also reflected in positive economic performance.

The company hopes 2019 will bring about the approval of Tere's recovery plan, which will soon have been stuck in judicial proceedings for three years.

"We are optimistic looking into he future. Our aim is to further increase export in fresh dairy products as well as in the commodity sector," Kovask said.

Kovask added that when it comes to the local market, Estonian milk is of high quality and local dairy products are undoubtedly among the best ones in Europe.

Tere AS and Farmi Piimatoostus AS is an Estonian dairy group, the joint market share of which on the fresh dairy products' market is approximately 40% and which stocks up on up to 450 tons of milk daily. The company's range includes roughly 400 products. There are altogether 572 people working at the four production units and the central office of the group.


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