“Latvijas Balzams” Turnover Exceeds 100 Million Euros in 2013

“Latvijas Balzams” Turnover Exceeds 100 Million Euros in 2013

Latvian liquor and beverage producer ”Latvijas Balzams” has operated with a turnover of 101.1 million euros in 2013, by 1.5 percent more comparing to the previous year, reaching a 5.7 million euro profit. The Company expects a further increase in turnover by 14 percent this year.

The total amount paid to the state in taxes increased significantly (by 13 percent) last year: “Latvijas Balzams” paid EUR 58.7 million in taxes in 2013. The company also invested EUR 533,000 in development. Its strategy is focused on export market growth, which is a significant direction of development for the Latvian economy in general.

“Latvijas Balzams” turnover in export markets increased by 2.8 percent last year. The largest sales increase has been reached in such essential markets as Russia (5.5%) and Ukraine (38.3%). The key export directions in 2013 have been the Baltic States, Russia, Germany, and Scandinavia, and new markets, such as China.

In 2013, the company successfully participated in several international exhibitions and received the highest beverage quality and competitiveness ratings. The products “Riga Black Balsam”, “Riga Black Balsam Currant”, “Riga Black Vodka” and liqueur “Moka” produced by the company received gold, silver and bronze medals in the largest international exhibitions: International Wine & Spirits Competition (UK), Los Angeles International Spirits Competition, and New York World Wine & Spirits Competition (USA).

”Latvijas balzams” is the leading producer of alcoholic beverages in the Baltic States, and produces over 100 different kinds of alcoholic drinks. The company’s products can be found in more than 160 countries. The company has over 600 employees. The company is also among the top 25 Latvian exporters.

The company was leader among food and beverage producers in Latvia and the Baltic States in terms of turnover in 2012.

Text by Latvian Institute 2014©