SIA Banga Ltd reports audited results for 2023
Development and financial results during the reporting period.
The Company's turnover in 2023 was EUR 12,975,716, which is the highest turnover in its history and 9.89% higher than in 2022.
As part of the sales strategy, cooperation with new customers was started by making export shipments to new countries, including South America and Asia. The Company's customer base is expanding among both distributors and retail chains. In 2023, the Company's management invested more resources in the development of new products to strengthen the Company's position in the Atlantic fish segment.
By the end of 2023, the Company sells more than 50 products in 37 countries. The Company's product range includes the following fish products: Baltic sea bream and Baltic herring, mussels, mackerel, sardines and herring, salmon, cod liver and tuna.
In 2023, the Company's sales units volume reached 14 million cans, which is 5.8% more than in 2022.
In the 4th quarter of 2023, the Company started production in the industrial food segment, starting deliveries to the Scandinavian market and providing additional business opportunities in the future.
In 2023, the Company continued the investment project implemented with the support of the European Maritime, Fisheries and Aquaculture Fund, thus ensuring not only an increase in production capacity, but also additional jobs for the residents of the municipality and tax payments to the state and municipal budgets. In 2023, the amount of labor personnel taxes paid in the budget was EUR 812,101.
Due to the protracted hostilities in Ukraine and difficulties related to the operational management of operations, the management of the company decided to stop direct business in Ukraine by selling the capital shares of the subsidiary "Banga Ukraina" LLC. In the framework of the aforementioned transaction, according to accounting data, losses in the amount of EUR 30,721 were recorded. Further deliveries to Ukrainian customers will be made directly to retail networks or the Company's distributor.
In cooperation with the Rural Support Service of Latvia (RSS), the investment project was fully completed in 2023 - expansion of the fish canning factory, round 8 - general construction works of the new production plant, construction of networks, installation of equipment. Also, in the second half of 2023, the finished goods warehouse was expanded, providing additional warehouse capacity for finished products. The completion of the investment project is also reflected in the balance sheet items, where the total value of fixed assets reached 4.24 million euros at the end of 2023, which is 35.5% more than at the beginning of the year. Fixed assets in the company's assets make up 47.6% of total assets.
Raivis Veckāgans
raivis.veckagans@bangaltd.lv
+371 29252286
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