Baltic Export, Latvia, Markets and Companies

International Internet Magazine. Baltic States news & analytics Friday, 26.04.2024, 19:52

Cido achieved EUR 55.93 mln in turnover in 2014; 4-fold reduction in profit

BC, Riga, 24.09.2015.Print version
In 2014, the beverage manufacturer – Cido grupa, increased its turnover by 1% to EUR 55.93 million, according to information from Firmas.lv. Meanwhile, the company posted a four-fold reduction in profit – from EUR 2.42 in 2013, to EUR 581,334 last year, reports LETA.

The company explains to the reduction in profits is due to the fact that the company has reduced production volumes at its brewery plant in Liepaja.

 

At the same time, the company also invested EUR 661,000 to improve production last year, including EUR 250,000 for more environmental friendly packaging of ''Mangali'' mineral water.

 

The company also increased the share of exports in total sales to 21%, with 63% of total exports going to Estonia and Lithuania, 25% to the EU, and 12% to Russia.

 

The company now exports its products to 20 countries – Sweden, Denmark, Great Britain, Ireland, Germany, Poland, Italy, Spain, Malta, Israel, Ukraine, Russia, Belarus, Azerbaijan, the United States, Canada, China, United Arab Emirates, Estonia and Lithuania.

 

Cido group has been part of the Danish Royal Unibrew Group since 2004. The company currently employs 334 persons.

 





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