CrossChem
Company Announcement

CrossChem publishes results for the nine months of 2023

CrossChem, a Latvian producer of chemical products, reports that its revenue during the first nine months of 2023 reached EUR 14.8 million, while during the third quarter alone revenue reached EUR 5.4 million.

Olaine, 2023-10-19 16:00 CEST --  

“The decrease is attributable to significant fluctuations of market prices. For example, compared to the third quarter of last year, we have improved our market share in the local market by 6%, and the client portfolio grew by 3%. We see that the purchasing power of our clients has not decreased. At the same time, the export volumes from Latvia have decreased due to new CrossChem factories built outside Latvia as well as due to the European economic downturn,” says Ričards Andersons, Chairman of the Management Board of CrossChem.

During the upcoming quarter, CrossChem plans to continue introducing new products, which should increase the overall sales volumes. The company also sees the potential to significantly increase the number of retail clients thanks to the recently introduced AdBlue refill mobile app. CrossChem reports that investments in the new laboratory and modernization of manufacturing have already improved the company's productivity and efficiency.

The Company reduces its 2023 revenue forecast from EUR 20-30 million to EUR 20-25 million, explaining it with significant market fluctuations. The EBITDA margin forecast remains within a EUR 6-7% range.

SIA CrossChem is a 100% Latvian capital company, which is part of the CrossChem International group - a chain of worldwide chemical product producers and distributors. The basis of the business is the production of sustainable and environmentally friendly products, which, by combining global experience, allows to reduce costs and increase competitiveness. The company produces AdBlue®, AUS40®, liquid fertilizers, and automotive products and in parallel provides a range of services related to these products.

         Contact person:
         Ričards Andersons
         Chairman of the Management Board,
         SIA “CrossChem”
         E-mail: board@crosschem.lv
         
         Certified adviser:
         ZAB Eversheds Sutherland Bitāns SIA
         Contact person: Justīne Ignatavičute
         E-mail: justine.ignatavicute@eversheds-sutherland.lv
         Phone: +371 28665066