Interim annual report for the 3 months of 2024Liepāja, Latvia, 2024-05-31 17:10 CEST --
The iCotton group finished the first quarter 2024 with a turnover of almost 15.075 million EUR, EBITDA of 1.598 million EUR and a profit of more than 293 thousand EUR.
The results presented for the period 01.01.2024 – 31.03.2024 are a continuation of the group's development trends in the second half of 2023 and reflect the basic principles of the production and sales policy set by the company's management.
The group of companies continues to focus on working with higher profit margins, introduction of new raw materials and expansion into new markets, as well as increase the share of feminine hygiene products and dry wipes in the product portfolio.
Both factories in Liepāja and near Warsaw continue to optimize expenses and production processes.
Financial result overview:
-
Consolidated turnover: EUR 15,075 million - slightly less than in1Q23.
-
Gross profit: EUR 4,346 million compared to EUR 3,988 million in 1Q23 (+9%).
-
EBITDA: EUR 1,598 million compared to EUR 1,082 million in 1Q23 (+48%).
iCotton is a Latvian manufacturing company founded in 2011 in Liepāja and has emerged as the leading producer of cotton and hygiene products in the Baltics. The iCotton group also includes the Polish company Harper Hygienics. The company group produces a diverse range of products, including cotton buds and pads, absorbent pads, wet and dry wipes, and feminine hygiene products. The primary brands of the group are Cleanic (beauty and hygiene products), Kindii (children's products), and Presto (household cleaning products), which enjoy significant recognition in the Polish market.
The company group operates production facilities in Liepaja spanning an area of 9,000 m2 with 11 production lines, and in Warsaw, Poland, covering a production area of 13,200 m2 with 44 production lines. In 2023, the iCotton group achieved a turnover of 69 million EUR, with 45% attributed to the local markets (Baltic and Polish) and 55% to export markets within the EU and other countries.
Jānis Bormanis,
Member of the Supervisory Board
Phone: +371 2 9450929
E-mail: janis.bormanis@icotton.eu
Website: https://www.icotton.eu/
|