CORRECTION: SIA “L. J. LINEN” financial results for 9 months period of 2023SIA “L.J. LINEN” (further in the text “LINEN”) has published unaudited financial report for the 9 months period of 2023.
The report has been enclosed to the announcement and will be made available on the company's homepage www.ljlinen.com
Q3 2023 was mainly affected by a significant decrease in purchase and sales prices of certain commodities. LINEN raised its sales volumes in metric tons as well as net turnover which has increased by 28% comparing year 2022 and at the same time increased its market share and became one of Top3 players in Europe market. Despite the drop in Gross margin numbers, LINEN management believes that this was the best decision for future Company development and relationship strengthen with its cooperation partners on the procurement side.
Beside the core business activities, LINEN is continuing to scale up its new operations with sustainable fuels and is planning to start the first collection plants in East Africa region. "We have learned our lessons in international trade by supplying used cooking oils from Asia to biggest European biofuel producers in Netherlands, United Kingdom and Italy. We are ready to take the next challenge and therefor planning invest in our own collection subsidiaries. We strongly believe in Green Policy of Europe and sustainability is one of our core elements.” says Zane Kulikovska, CEO.
LINEN team express gratitude to all investors for the trust and support during this crucial phase of LINEN's development.
Considering both the prevailing market conditions and the Company's slower yet steadfast growth, the LINEN management team has opted for the early redemption of outstanding bonds. This decision is driven by our commitment to simplifying the capital structure and mitigating external financing costs.
We deeply value the trust that our Bondholders have placed in us during this period. Looking ahead, as the Company advances through its developmental stages with accelerated momentum, we do not discount the possibility of returning to the capital market. Our aim is to offer you fresh and promising investment opportunities.
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About LINEN:
LINEN is engaged in the sale of animal by-products and the provision of a tailored agricultural supply chain to market leaders. LINEN provides a seamless, full-cycle door-to-door sales and delivery service - the company is as a bridge between raw material producers and producers of animal feed, biofuels and human food. LINEN’s shareholders have in-depth knowledge and expertise in the sale of these components, gained in almost 30 years of experience and working with clients in 46 markets. The company is a supplier to some of the world's largest animal feed manufacturers and is one of the largest exporters of these ingredients to developing countries.
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Monta Tija Brakovska
SIA “L. J. LINEN”
Treasury manager
Phone: (+371) 29942431
Email: monta.brakovska@ljlinen.com
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