Agriculture, Foodstuff, Good for Business, Industry, Latvia, Markets and Companies

"Forecasts of the Covid-19 impact on the Latvian poultry market were worse than the current data. In June this year, our June sales volume exceeded the result for June last year by 12 percent in Latvia and by 4 percent in the Baltics," said Kekava board chairman Andrius Pranckevicius.

He noted that although many people in Latvia are now living on reduced income, after the state of emergency ended people basically returned to their usual consumption habits. At the beginning of the state of emergency, we saw changes in shopping habits - many people went to grocery stores and shopped to accumulate reserves, Pranckevicius said. 

However, the head of the poultry company was cautious in his forecasts, saying that the Covid-19 impacts might still be felt for some six months or even longer. 

"The catering sector's crisis left the most visible impact on our business, but we are optimistic about the recovery of the HoReCa sector. In this segment, sales volumes have already increased and reached 30% of the pre-crisis level," Pranckevicius said.

As reported, Kekava in the last financial year that lasted from July 1, 2018, until June 30, 2019, achieved EUR 75.785 mln in turnover, which is 9.3 percent more than a year ago, while the company's profit shrank to 2.1 times to EUR 985,940, according to Firmas.lv.

Kekava Poultry Farm was founded in 1991, the company's share capital is EUR 18,928,084. Lithuania's Linas Agro Group holds 87% of the company's shares.