AS MADARA Cosmetics Publishes 2019 Audited Annual Report
Inside information, 2020-07-14 08:35 CEST --
AS MADARA Cosmetics publishes its audited unconsolidated and consolidated annual reports for the 2019 financial year. The reports are available in the attachment (in English).
In 2019, the Group has worked successfully, continuing stable growth in most important sales channels. During the reporting year, one of most significant events was the successful completion of development of a natural certified make-up line, which was followed by the launch of the sale of make-up products in September 2019.
In 2019, the Group has successfully worked on the sales channels developed in previous years and reached turnover of 11,5 million EUR that is 21% increase comparing with 2018.The profit after tax of the Group was 1,56 million EUR that is 3% increase comparing with previous reporting year.
In 2019, the Group’s long term investments amounted to 1,301 thousand EUR of which 648 thousand EUR has been invested in the improvement of production process. The production capacity of the Parent Company is sufficient to sustain growth at its current pace.
In the reporting year work on product research and development has been successful. In addition to completion of development of the make-up line, Group has also completed research and development of several types of eye care products, self-tanning products, make-up remover products, herbal active ingredient concentrates, hyaluronic acid and birch sap gels and care products for problematic skin.
In the following years, the growth of the Group mainly will be based on the development in foreign markets – the activities will be strengthened in the existing export markets and will be expanded in several new markets. In order to achieve this goal, already in 2019 the Group company’s organization has been improved and 12 new job positions have been established. Group’s organization improvement will continue in the upcoming years.
The shares of Madara Cosmetics are admitted to trading on Nasdaq Baltic First North Market.
The Certified Adviser for AS Madara Cosmetics is AS LHV Pank.
MADARA Cosmetics, founded in 2006, is the local pioneer in the field of natural cosmetics. In 2016 and 2017 the company and its managers were ranked among the top-10 Most Admired Business Leaders in Latvia. MADARA develops and manufactures all products exclusively at its own laboratories and facilities to ensure 100% control over processes. Further evidence of its passion for quality and perfection in every detail are the company’s ECOCERT organic certification, GMP (ISO 22716:2007) standard, and in vitro and in vivo research. For more information, visit madaracosmetics.lv/investors/.
Address: 131 Zeltiņu Street, Mārupe district, Mārupe, LV 2167, Latvia
Contact person: Uldis Iltners, member of the Management Board
Phone: +371 67 470 243
AS “LHV Pank”
Contact person: Ivars Bergmanis
Phone: +372 680 2720