Fazer Latvija bakery turns over EUR 25.36 million in 2018

RIGA - Fazer Latvija bakery turned over EUR 25.36 million in 2018, which is about as much as a year before, LETA was told at the company.

Fazer Latvija representatives indicated that last the company expanded its share in Latvia’s bread market to 20.9 percent, while the turnover of its sweets business grew 9 percent year-on-year. The steepest growth was recorded for two categories of sweets – chocolate and cookies, with products of the Domino brand showing particularly good results.

“Last year was successful for the company, and despite persistently stiff competition on the bread market and challenges related to the necessity to provide the necessary number of employees we managed to meet our targets. We have reinforced our position on the Latvian market and in exports,” said Fazer Bakery Baltic managing director Klavs Berzins.

Citing a Nielsen survey, the company’s representatives informed that the Baltic and Latvian bread markets have been showing a slight decline in recent years, primarily due to depopulation. According to Nielsen’s data, over the past year the bread market contracted by 2.5 percent in Estonia, by 3.2 percent in Latvia and by 4.7 percent in Lithuania. Meanwhile, the value of bread has risen by 0.5 percent in Latvia, by 0.2 percent in Estonia and by 2.5 percent in Lithuania.

Fazer Latvija closed 2017 with EUR 25.322 million in turnover, up 4.6 percent against a year before, while the company’s profit grew to EUR 800,783.

Fazer Latvija, registered in 2000, has a share capital of EUR 17.183 million. Fazer Latvija belongs to Finland’s Fazer Bakeries, a company of Fazer Group.