AB Snaigė profits grow almost fourfold

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| Source: Snaige AB
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Alytus, Lithuania, 2013-11-29 15:02 CET (GLOBE NEWSWIRE) -- Over the first nine months of this year AB Snaigė turnover was 140.1m LTL (unaudited consolidated figures) an increase of 27 per cent compared to same period last year. The net earnings of the company were almost 5.3m LTL, i.e. almost four times higher than in the same period last year. Consolidated unaudited EBITDA was 12.3m LTL, i.e. 43 per cent more than in the same period last year.

 Summing up the results of the nine months of this year AB Snaigė Managing Director said he was thrilled with company’s achievements and strong sales growth. “We’re happy to see that our efforts to maintain rapid growth bore fruits,” said G.Čeika. The 3rd quarter is the busiest time in the domestic refrigeration sector. We were successful in not only meeting the market demand but also in expanding our customer base, developing new products, and implementing marketing campaigns. This is a result of spectacular team work at AB Snaigė.”

 AB Snaigė turnover grew most in Western Europe and Asian markets. Particularly significant growth of 132% and 128% was recorded in Central Asia and France respectively. Sales in Lithuania and other Baltic States also grew almost twofold.

 Sales growth in France was primarily linked to higher share of Snaigė in the sales of the largest French chain retailer Conforama. In summer top executives of Conforama visited Snaigė’s plant and were impressed with the state of the art technology employed in the plat, work organization and quality of Snaigė products. This subsequently led to an expanded offer of Snaigė products at Conforama.

The company also welcomes its strengthened positions in Central Asia. “These are large, profitable markets,” noted G.Čeika. “Thus we’re very happy that our fridges caught the attention of local consumers. In some Central Asian markets Snaigė is one of the market leaders.”

 In the 3rd quarter the company offered a number of new products to its customers and consumers, such as a 163 cm high freezer, and the hottest item of this year, a fridge/freezer featuring No Frost technology. The recent addition to the market, the freezer, is very popular among the consumers. “Snaigė freezers are extremely popular and in high demand on many of our markets,” claims G.Čeika. “It is our intention to expand our freezer range further since we see the demand for this product. Many of the company’s customers have been waiting for fridges featuring No Frost technology for quite some time now. This product marks AB Snaigė’s entry into a completely new market segment where the company hopes to compete successfully with other manufactures of domestic fridges.”

         Gediminas Čeika
         Managing Director, AB Snaigė
         +370 315 56206