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"The company has completed 2019 with a more than 20% increase in turnover, for the first time exceeding the significant threshold of EUR 10 mln. This has been achieved by 13 years of consistent, energetic work and a strong belief that natural cosmetics is the future of the industry," said Madara Cosmetics board member Uldis Iltners.

He also said that as the company enters a new decade, it holds a better position than ever before. "We have all the resources we need to implement our future development plans. The market situation is expected to remain positive and the company has excellent opportunities to continue a rapid growth phase," he said.

2019 is the second year in a row when the long-term investments of the company have exceeded EUR 1 mln. Apart from the above mentioned investments in the development of makeup, comprehensive investments have been made in all company departments and an organization has been created which is optimal for further development activities of the company. In 2020, the company plans to reduce its long-term investments and focus more on using its existing organization and resources to develop the company.

In 2019, 94% of the turnover originated in the European Union (including Latvia), 6% came from outside the EU. The sales proportion in the European Union (including  Latvia) has increased by 2 percentage points compared to 2018. In the EU, the largest share of turnover was generated in Finland, amounting to EUR 2.5 mln.

Madara Cosmetics closed 2018 with EUR 9.529 mln in turnover, while the group’s profit was EUR 1.517 mln.

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