EU – Baltic States, Foodstuff, Good for Business, Industry, Latvia, Markets and Companies
International Internet Magazine. Baltic States news & analytics
Tuesday, 23.04.2024, 10:06
HKScan Latvia turnover increases 12.4% in 2019
According to the company's management report, the increase
in turnover last year was thanks to customer loyalty and increasing sales of
the company's products.
HKScan Latvia's turnover increased both in Latvia and
abroad. In addition to the existing markets, HKScan Latvia also
successfully continued to develop exports to Central Europe, especially
Germany, where sales increased twofold as compared to 2018, mostly thanks to a
new dumpling production facility.
At the same time, the report says that production costs
increased by 19 %. One of the main reasons for the increase in production costs
was the higher cost of raw materials, supplies and finished products due to an
increase in pork prices in the European Union countries and other markets, as
well as changes in the calculation of transfer prices among the Baltic
companies of HKScan Group.
The company's management also points out that last year HKScan
Group invested approximately EUR 8 mln in increasing the production
capacity of Rakvere plant, and this year plans to introduce new Rakvere
products on the Latvian market.
Commenting on the impact of Covid-19 on the company, HKScan Latvia points out that so far this year the company's sales have remained at the same level as in the respective period of last year. Although the turnover of HoReCa customers - hotels, restaurants and cafes - has fallen and some customers have suspended operations, the decrease in the company's turnover in the HoReCa segment has been offset by higher retail turnover.
According to Firmas.lv, HKScan Latvia turnover in
2018 increased 12% to EUR 38.635 mln, while the company's profit increased by
77.5% to EUR 1.071 mln.
HKScan Latvia was founded in 1992, it has been part
of HKScan Group since 1998. The company's share capital is EUR 2.214 mln.
HKScan is one of the largest food companies in the Nordic countries and
includes meat processing companies in Finland, Sweden, Denmark and the Baltic
countries.
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