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Published: 2022-05-27 08:48:40 CEST
MADARA Cosmetics
Annual report

AS MADARA Cosmetics publishes 2021 audited annual report

Inside information, 2022-05-27 08:48 CEST -- AS MADARA Cosmetics publishes its audited unconsolidated and consolidated annual report for the 2021 financial year. The report is available in the attachment (in English).

In 2021, we continued to implement our growth strategy and moved closer to the end customer by increasing sales in the online store madaracosmetics.com, expanding our cooperation with the third-party online stores and increasing the number of countries where we fulfil a direct product distributor function by cooperating directly with the retailers. The Group’s turnover for 2021 amounted to EUR 19.37 million, a 20% increase compared to the prior year. In 2021, the Group's profit before taxes increased by 12.7% and profit after taxes by 6.5% compared to the prior year.

In 2021, we brought a range of innovative and long-awaited products to the market. The turnover of the new products amounted to EUR 1.4 million.  Among the 16 innovations introduced by the MÁDARA brand, it is important to note the development of a technologically sophisticated Vitamin C cream and serum formula, SPF 50 products for higher sun protection and the Deep Matter Bold Volume Mascara.

In 2021, the Group’s long-term investments were over EUR 1.7 million, of which more than EUR 600 thousand were invested in production equipment.

In the coming years, the Group’s expansion will be based on stronger development of such markets where we take over the distribution function, we will develop trade in new and growing markets (including third-party online stores), continue to actively develop our online shop platform, and strengthen cooperation with third-party online store channels. We also expect growth in the contract manufacturing and print-on-demand segments. Selfnamed is the first technological startup of AS MADARA Cosmetics, which we developed to satisfy the demand for the production of small batches. We have created a separate production process and a self-service online platform selfnamed.com. The Company had a successful launch and we see a positive market response.

Management guidance for the turnover target of the Group for 2023 is EUR 27 million and remains unchanged.


The shares of Madara Cosmetics are admitted to trading on Nasdaq Baltic First North Market.

The Certified Adviser for AS Madara Cosmetics is AS LHV Pank.

MADARA Cosmetics was founded in 2006 and has become one of the leading manufacturers of cosmetics in Northern Europe and the leader in Latvia. The cosmetics brand MÁDARA represented by the company is a pioneer in the segment of natural beauty care and make-up cosmetics in Latvia. In 2016 and in 2017, the company ranked in the Top 10 of the Most Reputable Companies of Latvia. At the beginning of 2017, the limited liability company was transformed to a joint-stock company. Since November 2017, the company’s shares have been listed on the “Nasdaq Baltic” alternative market “First North”. The company has been awarded the European “Role Model” award of the “SME Star Awards 2018” organised by the European Parliament in Brussels for small and medium companies. In 2019, the company received the Excellence Award at Nasdaq Baltic Award 2019 and is one of the companies that rings the bell of the trading session on the Nasdaq Stock Exchange in New York. At the end of 2020, the idea of AS MADARA Cosmetics gained worldwide recognition and won the World Intellectual Property Organization (WIPO) award WIPO IP Enterprise Trophy. For more information, visit investors.madaracosmetics.com.

         Contact information:
         Address: 131 Zeltiņu Street, Mārupe district, Mārupe, LV 2167, Latvia
         Contact person: Uldis Iltners, member of the Management Board
         E-mail: uldis@madaracosmetics.com
         Phone: +371 67 470 243
         Certified advisor:
         AS “LHV Pank”
         Contact person: Ivars Bergmanis
         E-mail: ivars.bergmanis@lhv.ee
         Phone: +372 680 2720

2021 AS MADARA Cosmetics audited.pdf