Published: 2021-05-26 15:30:00 CEST
MADARA Cosmetics
Annual report

AS MADARA Cosmetics Publishes 2020 Audited Annual Report

Inside information, 2021-05-26 15:30 CEST -- AS MADARA Cosmetics publishes its audited unconsolidated and consolidated annual reports for the 2020 financial year. The reports are available in the attachment (in English).

Despite the challenges posed by the pandemic, 2020 has been a particularly successful year for the Group. The Group has successfully adapted to the new trading conditions and by putting emphasis on e-commerce channels has achieved excellent results. In 2020, the Group achieved the highest turnover so far of EUR 16.074 million, a 39% increase compared to the previous reporting year, and EUR 3.445 million in profit, a 120% increase over the corresponding period last year.

2020 has been productive in terms of launching new products. The turnover of new products amounted to EUR 2.2 million and several products ranked high on the Parent Company’s list of bestsellers. The development of lipsticks and hygienic lip balms and mastering the new production process was an important milestone of 2020. The products have been available for sale since autumn 2020 and have been positively rated by customers. In addition, the Parent Company has developed eyelash and eyebrow fixation and growth serum, ANTI skin disinfectant line, IMMU oral protection line, Derma Collagen facial skin care product line, as well as moisturizing cream with Centella Asiactica (CICA) plant extract in SOS Hydration skin care line. 

In 2020, the Group’s long-term investments amounted to EUR 617 thousand, of which EUR 307 thousand were invested in the production facility. The production capacity of the Parent Company is sufficient to sustain growth at its current pace.

In the coming years, the Group’s growth will be based on developments in foreign markets – activities will continue in existing and will be expanded in several new markets. Direct e-commerce channels of the Parent Company MADARA Cosmetics AS, which showed very good results in 2020, will also play an important role in further development. In 2020, MADARA Cosmetics AS created 14 new job positions to achieve these goals, and further expansion of the team is planned this year as well.

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

         Contact information:
         Address: 131 Zeltiņu Street, Mārupe district, Mārupe, LV 2167, Latvia
         Contact person: Uldis Iltners, member of the Management Board
         Phone: +371 67 470 243
         Certified advisor:
         AS “LHV Pank”
         Contact person: Ivars Bergmanis
         Phone: +372 680 2720