SNAIGĖ, AB – significant growth in EBITDA
According to the unaudited consolidated data, in the first half of 2019 Snaigė, AB has reached EBITDA of EUR 0.6 million, which is significantly higher than compared to the same period last year, when consolidated audited EBITDA was EUR (-0.1) million.
The company’s consolidated unaudited turnover in the first half of 2019 was 6% lower than compared to the same period last year. One of the main reasons for the reduction in sales was the financial difficulties of a large French customer and the consequent, likely temporary, loss of sales. The company compensates for lost sales in France with sales in other markets. Consequently, the company’s turnover in the second quarter of this year was almost the same as the turnover in the same quarter of last year.
According to Gediminas Čeika, the CEO of Snaigė, AB, the company’s results from the first half of the year show that the company’s profitability and sales volume are slowly getting back on track.
“We are pleased with the growth of sales and EBITDA in the first half of the year, but there is still room for improvement,” said G. Čeika. “This year, we will continue encouraging profitable sales, optimize production, and increase labour productivity. However, the company’s most important project for 2019 is diversification of products portfolio and preparation of a new product line for serial production.”
In the first half of 2019, the company has exported to 35 European, Asian, and African countries. The company’s export amounted to 92%. In the first half of the year, the company’s largest foreign sales markets were Ukraine (23%), Germany (15%), France (10%), Czech Republic (7%), and Norway (5%).
Gediminas Čeika, Snaigė, AB CEO
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