RIGA – Liepajas Kafijas Fabrika coffee producer based in Liepaja, south-western Latvia, closed last year with a turnover of EUR 1.968 million, which is a 4.9 percent growth from 2017, and earned EUR 264,789 in profit in contrast to a loss a year ago, according to Firmas.lv business information website.
The company’s financial report said that revenue in the local market accounted for 33 percent of total revenue, while export reached 67 percent. The largest export market was Ukraine.
The company plans to continue production of instant coffee and ground coffee also this year. Liepajas Kafijas Fabrika is looking for new cooperation partners and new sales markets. Its priorities will also include further control and optimization of production costs and efforts to improve productivity.
As reported, in 2017 Liepajas Kafijas Fabrika generated EUR 1.875 million in turnover at a 6.2 percent rise year-on-year and cut its loss 5.7 times to EUR 16,924.
Liepajas Kafijas Fabrika belongs to Dutch company Nedinvestment B.V. (84.04 percent) and the Ukraine-UK joint venture Galka LTD (15.96 percent), while its true beneficiaries are three Ukrainian citizens.