Published: 2020-11-09 15:30:00 CET
MADARA Cosmetics
Company Announcement

AS MADARA Cosmetics continued strong turnover growth in Q3, reaching 50% y-o-y

Inside information, 2020-11-09 15:30 CET -- During the third quarter of 2020 the consolidated (unaudited) turnover of the Company amounted to EUR 4 million. This represents a 50% increase compared with the corresponding period last year. The consolidated (unaudited) turnover of the Company during the first 9 months of 2020 was equal to EUR 12.24 million, a 48% y-o-y increase.

By geographical distribution, turnover in Latvia grew by 40% y-o-y; turnover in the European Union (excluding Latvia) increased 54% y-o-y; turnover outside the European Union rose 44% y-o-y (all figures for the third quarter of 2020).

The development of several products was finalized in the third quarter, including a new lipstick line which is now available for sale and represents a significant Company product milestone. The outlook for the last quarter of the year remains positive and the previously announced target of AS MADARA Cosmetics’ management to reach turnover of EUR 15 million in 2020 remains intact.


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, founded in 2006, is the local pioneer in the field of natural cosmetics. In 2016 and 2017 the company and its managers were ranked among the top-10 Most Admired Business Leaders in Latvia. MADARA develops and manufactures all products exclusively at its own laboratories and facilities to ensure 100% control over processes. Further evidence of its passion for quality and perfection in every detail are the company’s ECOCERT organic certification, GMP (ISO 22716:2007) standard, and in vitro and in vivo research. 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