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International Internet Magazine. Baltic States news & analytics Tuesday, 28.05.2024, 23:13

Estonia: Profit of Tere, Farmi grows 17% on year to EUR 3.2 mln in 2019

BC, Tallinn, 05.10.2020.Print version
The consolidated net profit of the Estonian dairy group AS Tere and AS Farmi Piimatoostus was 3.2 mln euros in 2019, increasing by 17% or 462,000 euros during the year, LETA/BNS writes.

Last year, the companies exported goods to 25 countries around the world. In addition to the largest export markets in Finland and Latvia, Bulgaria ranks third, Nordic Milk said.

"This summer, Maag Grupp formed a parent company for Tere and Farmi called Nordic Milk OU, which unites the companies of the group's dairy division. The new company creates favorable conditions for the growth of internal efficiency and also ensures a clearer export potential in the marketing of Estonian dairy products to foreign countries," Ulo Kivine, CEO of Tere and Farmi Piimatoostus, said. 

He explained that the company's export revenue last year was 24 mln euros and it accounted for 21.4% of sales revenue -- in 2018, it accounted for 19.4%. "We forecast the continued growth of exports and we are preparing for this in both marketing and production," the chairman of the management board said. 

According to management board member Mairi Paiste, the companies have increased their processing volumes year by year. "Based on last year's figures, we can say that we accept and increase the value of more than 22% of the volume of raw milk produced in Estonia in our factories," Paiste said. 

He added that since a large part of raw milk is exported by Estonian producers to neighboring countries, taking into account this, Tere and Farmi increase the value of as much as 30% of the milk remaining in Estonia.

"From Jan. 1 next year, Nordic Milk will become the group's milk supplier. The cooperation will become clearer for the farmers, as they will now have one large milk collector, who is their cooperation partner, supplying milk to both the Farmi and Tere industries," Kivine said.


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