Latvia, Markets and Companies

Stenders Soap Factory spokeswoman Maija Abolina informed LETA that the company's profit last year amounted to LVL 1.29 million.

Taking into account the overall pessimistic economic situation in the country, the soap producer expects its profit in Latvia in 2009 to be up to 20 % lower than last year.

Despite the unstable global economic situation, the franchise partners of the Stenders Soap Factory are planning to open new outlets, ten of which will be opened in China; several countries, including Poland, Hungary, Japan, Russia and Ukraine, will each have one new Stenders Soap Factory shop.

Furthermore, new franchise agreements are planned to be signed. Thus, Aboltina underlines, the overall Stenders Soap Factory turnover and profit figures are expected to stay at the 2008 level or even to increase slightly.

Stenders Soap Factory was established in 2001; it is a producer of natural bath cosmetics products and accessories. The company has developed a comprehensive franchising network with around 170 outlets in more than 18 countries, including China, Japan, Luxembourg, Poland, Sweden, Russia, Hungary, Lithuania, Estonia.

According to the Registry of Enterprises' Lursoft data, the consolidated turnover of Stenders Soap Factory in 2007 was LVL 3,669,269, compared with LVL 2,785,972 in 2006. The company's profit reached LVL 558,243 and LVL 488,536 respectively.

The turnover of the parent company was LVL 3,350,546 in 2007 and LVL 2,477,114 in 2006, the profit figures were LVL 551,185 and LVL 486,807 respectively.