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The company’s management says in the financial report that the company’s development in 2018 was facilitated by strengthening existing market channels and finding new channels, a successful launch of new products and raising brand awareness. Introduced in the beginning of the year, the company’s first sunscreen products ranked among the company’s most popular products.

In 2018, the company’s revenue generated on the domestic market grew 32.6% from 2017 to EUR 2.681 mln, while sales in the European Union accounted for EUR 5.992 mln, up 33.7% y-o-y. Revenue generated in other countries declined 12% from 2017 to EUR 746,900 last year. Services and other basic activity brought in EUR 93,400.

In 2018, the turnover generated in the European Union made up 92 %, while 8 % of last year’s turnover was generated outside the European Union. “The increase of turnover share in the European Union was in line with the company’s trade strategy,” the management said.

Madara Cosmetics closed 2017 with EUR 7.402 mln in turnover, while the group’s profit was EUR 1.246 mln.

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