RIGA - Latvian cosmetics group Madara Cosmetics turned over EUR 9.514 million last year, which is an increase of 28.5 percent against 2017, while the group’s profit grew 20 percent year-on-year to EUR 1.496 million, according to preliminary data provided by the company to Nasdaq Riga.
The company’s management says in the financial report that the company’s development in 2018 was facilitated by strengthening existing market channels and finding new channels, a successful launch of new products and raising brand awareness. Introduced in the beginning of the year, the company’s first sunscreen products ranked among the company’s most popular products.
In 2018, the company’s revenue generated on the domestic market grew 32.6 percent from 2017 to EUR 2.681 million, while sales in the European Union accounted for EUR 5.992 million, up 33.7 percent year-on-year. Revenue generated in other countries declined 12 percent from 2017 to EUR 746,900 last year. Services and other basic activity brought in EUR 93,400.
In 2018, the turnover generated in the European Union made up 92 percent, while 8 percent of last year’s turnover was generated outside the European Union. “The increase of turnover share in the European Union was in line with the company’s trade strategy,” the management said.
Madara Cosmetics closed 2017 with EUR 7.402 million in turnover, while the group’s profit was EUR 1.246 million.
Founded in 2006 by several individuals, Madara Cosmetics has been listed on the Nasdaq Riga alternative market First North since November 10, 2017.