Interim Annual Report for the 9 month of 2024
The iCotton Group finished the nine month of 2024 with a turnover of almost EUR 47.12 million, EBITDA of EUR 6.7 million, and a profit of more than EUR 2.04 million.The results presented for the period from 01.01.2024 to 30.09.2024 are a continuation of the group's development trends from the second half of 2023 and reflect the basic principles of the production and sales policy set by the company's management. These cosistently stable results were achieved despite the global decrease in demand and consumption of different consumer goods in various industries caused by global inflation and the central banks policies to decrease it.
The group of companies continues to focus on working with higher profit margins, introducing new raw materials, and expanding into new markets. The share of feminine hygiene products and dry wipes is increasing, and the product range is expanding with the addition of baby pants and detergents.
Both factories in Liepāja and near Warsaw continue to optimize expenses and production processes.
Financial Result Overview:
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Consolidated turnover: EUR 47.12 million – similar to 9M 2023.
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Gross profit: EUR 15.05 million compared to EUR 15.41 million in 9M 2023.
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EBITDA: EUR 6.7 million – the same result as a year ago.
iCotton is a Latvian manufacturing company founded in 2011 in Liepāja and has emerged as the leading producer of cotton and hygiene products in the Baltics. The iCotton Group also includes the Polish company Harper Hygienics. The company produces a diverse range of products, including cotton buds and pads, absorbent pads, wet and dry wipes, and feminine hygiene products. The primary brands of the group are Cleanic (beauty and hygiene products), Kindii (children's products), and Presto (household cleaning products), which enjoy significant recognition in the Polish market.
The company operates production facilities in Liepāja, spanning an area of 9,000 m² with 11 production lines, and in Warsaw, Poland, covering a production area of 13,200 m² with 44 production lines. In 2023, the iCotton Group achieved a turnover of EUR 69 million, with 45% attributed to local markets (Baltic and Polish) and 55% to export markets within the EU and other countries.
Jānis Bormanis,
Member of the Supervisory Board
Phone: +371 2 9450929
E-mail: janis.bormanis@icotton.eu
Website: https://www.icotton.eu/
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