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Published: 2023-05-26 08:36:02 CEST
MADARA Cosmetics
Annual report

AS MADARA Cosmetics publishes 2022 audited annual report

Inside information, 2023-05-26 08:36 CEST -- AS MADARA Cosmetics publishes its audited unconsolidated and consolidated annual report for the 2022 financial year. The report is available in the attachment (in English).

Although global geopolitical and economic upsets in 2022 have slowed down our previously rapid growth pace, the Group has managed to keep the reporting period turnover close to the level achieved in the previous reporting year and generate a profit. As a result, the Group's turnover for 2022 amounted to EUR 18.7 million, a 3.5% decrease compared to the prior year, while the profit after corporate income tax for 2022 was EUR 1.12 million. In 2022 accompanied by the implementation of strategy, which is oriented toward the Group's active proceedings and long-term expansion, the Group's Management Board has fulfilled all the prerequisites to return to stable growth.

In 2022, 16 new MÁDARA skincare and makeup products were introduced to the market, gaining consumer trust and international recognition relatively quickly. For instance, our new peeling serum with hyaluronic acid was named Peeling Product of the Year 2022 by Finnish Eeva magazine. Among the whole range of 2022 innovations, we particularly commemorate the KIND line products made for kids, children, and adults with sensitive skin, as well as Grow & Fix tinted brow gel in 3 shades, which was listed among the best-selling makeup products in the first month after the launch on the market. The turnover of the new products amounted to EUR 1.3 million in 2022.

In 2022, the Group's long-term investments exceeded EUR 1.3 million, of which more than EUR 700 thousand was invested in intangible assets for the e-commerce platform and more than EUR 240 thousand – technological equipment and machinery. The production capacity of the Group's Parent Company is still sufficient to maintain growth.

In the coming years, the Group's expansion focus will be devoted to the more vigorous development of such markets where the Group has taken over the distribution function, new B2C client acquisition and partnerships with new B2B customers, and trade development in third-party online stores. Similarly, as in previous years, developing our e-commerce channel will remain one of the top priorities stimulating further growth. Likewise, by observing promising performance indicators in 2022, we expect more rapid development of SELFNAMED.COM, which would allow us to surpass the break-even point and start generating stable income to ensure profit in the upcoming reporting period.

Management guidance for the turnover target of the Group for 2023 is EUR 22 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 ZAB Eversheds Sutherland Bitāns SIA.

AS “MADARA Cosmetics” was founded in 2006 and has become one of the leading cosmetics manufacturers in Northern Europe and a leader in Latvia. The company' s brand MÁDARA is a pioneer in the natural skincare and make-up segment in Latvia. Since November 2017, the company's shares have been listed on the Nasdaq Baltic alternative market First NorthFor more information, visit investors.madaracosmetics.com.

         Contact information:
         Address: 131 Zeltiņu Street, Mārupe district, Mārupe, LV 2167, Latvia
         Contact person: Uldis Iltners, member of the Management Board
         E-mail: uldis@madaracosmetics.com
         Phone: +371 67 470 243
         Certified adviser:
         ZAB Eversheds Sutherland Bitāns SIA
         Contact person: Justīne Ignatavičute
         E-mail: justine.ignatavicute@eversheds-sutherland.lv
         Phone: +371 28 665 066

2022 AS MADARA Cosmetics audited.pdf