Food Union Group reported an increase in net revenue in 2019 to 277 million euros
The gross profit of the company was 104 million euros. In addition, the group made capital investments of 18.8 million euros, which will form the basis of Food Union's long-term plans.
"We focused on expanding our production capabilities and invested in modern technologies to improve production and ensure the highest quality of products. This will give us a permanent competitive advantage as we continue to expand the boundaries of innovation and create new products that please consumers", commented Normunds Stanevics, CEO of Food Union, Europe.
According to the expert, in 2019, unpredictable and adverse weather conditions affected sales, but this year was also marked by record investments in own production facilities, equipment, machinery, and vehicle fleet.
By the results of 2019, the Group is the leading ice cream company in the Baltic States, as well as a strong regional player in Northern and South-Eastern Europe, and the national leader in the production of dairy products in Latvia.
Ice cream accounted for 60% of total revenue, and dairy products accounted for almost 30%. Other products, such as frozen foods and confectionery, accounted for about 10% of total revenue.
Reference:
Food Union is the largest dairy company in Latvia and the leading producer of ice cream in the Baltic States and Denmark. Food Union Group consists of two major Latvian production companies - Rīgas piena kombināts and Valmieras piens, which are also the leading producers of ice cream in Estonia and Lithuania. In 2018, Food Union expanded its operations in China, building two new factories for the production of dairy products and baby food from scratch. In 2020, LLC Lateo, which is associated with the company, became a member of the Board of Directors of the Russian dairy company Galaktika.
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