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Friday, 29.03.2024, 10:46
Madara Cosmetics group saw 48% increase in turnover in 9 months
The consolidated (unaudited) turnover of the group during the first 9 months of 2020 was equal to EUR 12.24 million, a 48% y-o-y increase.
By geographical distribution, turnover in Latvia grew by 40% y-o-y; turnover in the European Union (excluding Latvia) increased 54% y-o-y; turnover outside the European Union rose 44% y-o-y (all figures for the third quarter of 2020).
The development of several products was finalized in the third quarter, including a new lipstick line which is now available for sale and represents a significant company product milestone. The outlook for the last quarter of the year remains positive and the previously announced target of joint-stock Madara Cosmetics’ management to reach turnover of EUR 15 million in 2020 remains intact.
Founded in 2006 by several individuals, Madara Cosmetics has been listed on the Nasdaq Riga alternative market First North since November 10, 2017.
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