Eco Baltia Group's turnover reaches EUR 192.12 million in the first nine months of the year
The Eco Baltia Group, the leading environmental resource management and recycling group in the Baltics, continued its steady growth in the first nine months of the year. For the reporting period the group reported a net turnover of EUR 192.12 million, representing a 19.2% increase compared to the same period last year. This growth was mainly driven by acquisitions made in recent years, a strong performance in the environmental management sector and focused efforts to increase automation and productivity across the Group's companies.
The Group's profit before tax for the reporting period was EUR 9.6 million, compared to EUR 0.24 million in the same period last year. Meanwhile, consolidated EBITDA reached EUR 36.07 million in the first nine months, an increase of 87.6% compared to the same period last year.
Māris Simanovičs, Chairman of the Management Board of AS Eco Baltia, commented:
“This year, the environmental resource management and recycling sector faced both growth opportunities and challenges. However, the results achieved confirm the sustainability of our business model and our ability to adapt to these challenges. One of Eco Baltia’s priorities has been to expand its business and service portfolio. Furthermore, this year, we have emphasized long-term development through investments in the establishment of new, modern facilities, the ‘greening’ of our transport fleet, and the digitization and automation of processes. These investments will not only help maintain our leading position in the Baltics but also drive the group’s sustainable growth in international markets.”
Sectoral developments and strategic investments
In the first quarter of this year, Eco Baltia Group continued its development in both the waste management and recycling sectors. At the beginning of the year, the group acquired a 40.4% stake in DAUGAVPILS SPECIALIZĒTAIS AUTOTRANSPORTA UZŅĒMUMS (Daugavpils Spec. ATU), expanding its service coverage in Latvia. In addition, the Group's subsidiary Eco Baltia vide, as part of an association of persons, was awarded a contract to provide road maintenance services in the Latgale suburb and Central district of Riga for the next seven years, with a total contract value of EUR 77.4 million (excluding VAT). During the reporting period, work began on the acquisition of Eko Osta, which was finalized in October this year. The activities continue on the acquisition of the major stake of shares of Daugavpils Spec. ATU, with a merger notification submitted to the Competition Council in December.
Eco Baltia Group has also carried out significant infrastructure development projects this year, including investments of EUR 2.3 million in construction of waste sorting and recycling facilities in Rumbula and Liepāja. In the third quarter, Eco Baltia vide completed a new state-of-the-art waste sorting facility, the Resource Management Centre, with an investment of over EUR 11.7 million. The plant was inaugurated in October. Shortly afterwards, ITERUM (former name PET Baltija) opened its new PET bottle recycling plant, one of the largest in Northern Europe. The total investment amounts to more than €35 million, of which more than €10 million is contributed by "ITERUM".
In Lithuania, the group investing EUR 18 million in the reconstruction of a waste sorting center in Vilnius, strengthening the implementation of circular economy principles in the Baltic States.
Focus on sustainability and employee well-being
“This year we have placed a strong emphasis on implementing and integrating sustainability strategies across Eco Baltia companies and on employee wellbeing. We invest approximately EUR 1 million a year annually in employee well-being, which includes skills development, training, insurance in order to increase Eco Baltia employers brand awareness. At the same time, given the labour shortage, we are taking steps towards automation and digitalisation to increase the efficiency and competitiveness of daily operations," said M. Simanovičs.
As Eco Baltia's operations are aligned with the principles of the circular economy and incorporate various sustainable business practices, efforts continued during the reporting period to implement a consolidated ESG (Environmental, Social and Governance) strategy across the Group's main subsidiaries. The company also focused on improving workplace safety and internal culture by strengthening LEAN practices, promoting employee well-being, encouraging personal growth and developing new skills.
About Eco Baltia
Eco Baltia is the largest environmental resource management Group in the Baltics by turnover, providing the full waste management cycle from waste collection and sorting to logistics, wholesale and recycling of secondary raw materials. Eco Baltia closed 2023 with a record consolidated turnover of EUR 218.4 million, an increase of 4% compared to 2022. Eco Baltia's total consolidated revenue (pro forma) in 2023 amounted to EUR 242.5 million.
The Group currently employs more than 2,700 people in Latvia, Lithuania, Poland and the Czech Republic. The main subsidiaries managed by the Group are ITERUM (until June 6, 2024 - PET Baltija), Nordic Plast, Eco Baltia vide, Latvijas Zaļais punkts, JUMIS in Sigulda, Ecoservice Group in Lithuania, TESIL Fibres in the Czech Republic and Metal Plast in Poland, and from October 2024, Eko Osta in Latvia.
"The shareholders of Eco Baltia are the private equity fund INVL Baltic Sea Growth Fund (52.81% through UAB BSGF Salvus), the European Bank for Reconstruction and Development (30.51%) and Māris Simanovičs (15.93% through SIA Enrial Holdings and 0.75% through Penvi Investment Ltd).
Additional information:
Alise Zvaigzne
Eco Baltia
Head of Public Relations
Phone +371 28780467
alise.zvaigzne@ecobaltia.lv
www.ecobaltia.lv
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