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International Internet Magazine. Baltic States news & analytics Thursday, 03.12.2020, 21:33

Turnover of Liepkalni bakery up 10.5% in 2019

BC, Riga, 29.10.2020.Print version
Turnover of Liepkalni bakery last year increased by 10.5%, reaching EUR 8.955 million, while the company's profit increased almost twice to EUR 542,676, writes LETA, according to business database.

Liepkalni revenue from producing bread, fresh pastries and cakes in 2019 accounted for EUR 4.977 million, up 8.7% from 2018. Revenue from retail in unspecialized stores increased by 13.1% to EUR 3.796 million, while from other services revenue rose by 5.4% to EUR 181,109.

Last year Liepkalni reported EUR 7.846 million in turnover in Latvia, growing 10.7%, EUR 1.107 million in turnover in Estonia, up 9%, and EUR 904 in turnover in Ireland, growing 2.3 times.

The company's management said in its report that in March this year, after the state of emergency was declared in Latvia, the number of customers in its stores declined, as well as demand for confectionary, and the company's turnover dropped 20%, and the company received downtime benefits for some of its employees. After the state of emergency ended, customers' activity resumed and turnover returned to the usual level.

This year Liepkalni plans to continue a stable and gradual growth.

As reported, in 2018 Liepkalni posted EUR 8.104 million in turnover and EUR 276,048 in profit.

Liepkalni was registered in 1992, and has a share capital of EUR 194,682. The company's sole owner is Dagnis Cakurs.

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