Karavela fish cannery closes 2020 with EUR 66 million turnover

RIGA - Latvia's Karavela fish processing company and cannery achieved EUR 66 million in turnover last year, which is an increase of 27.8 percent against a year before, the company's marketing director and co-owner Janis Endele told LETA. 

He indicated that the EUR 66 million turnover is a new record for the company and that in the past couple of years Karavela has increased its turnover by 60 percent. 

"The turnover growth was ensured by our new, innovative products, on which we had been working for the past five years, and the reinforcing of Karavela's foothold in many foreign markets," said Endele. 

He noted that the coronavirus pandemic had left no negative impact on the company and that Karavela has not had to request any state support. 

The company's representative said that Karavela is now preparing for a new breakthrough that would enable the company to raise its annual turnover to EUR 100 million, which might happen in 2024 or 2025.

As reported, Karavela turned over EUR 51.691 million in 2019, an increase of 25 percent on 2018, while the company's profit increased several times to EUR 5.007 million, according to Firmas.lv.

Karavela was registered in 2001, it is one of the largest fish processing companies in the Baltic countries. The company's share capital is EUR 49,700. Karavela is owned by three individuals, including Janis Bite, the largest owner with a 56 percent stake.