The unaudited consolidated results achieved by Snaigė, AB in the third quarter demonstrate that the company has managed to control the disruptions caused by an increase in raw material prices.
According to Gediminas Čeika, the CEO of Snaigė, AB, the unaudited consolidated profit before tax earned in the third quarter is considerably higher than compared to the same period last year. “Although the profit earned in the third quarter does not cover the loss suffered as a result of the rise in raw material prices in the first two quarters of this year, the positive dynamics show that the company’s profitability is gradually recovering,” said Mr Čeika.
The company’s EBITDA, according to the unaudited non-consolidated data, reached EUR 1.2 million in the first three quarters of this year, which is 3% higher than compared to the same period last year when the unaudited consolidated EBITDA was EUR 1.16 million.
Snaigė, AB reached significant agreements with financing banks in terms of changing credit return terms and amounts, as well as with controlling parties on the repayment of loans. With these agreements, the company secures investments in the development of new products or even new categories.
“The company has long been nurturing plans for its product portfolio to expand” states Mr Čeika. “These agreements with the banks and the controlling parties provide sizeable acceleration in implementation of the above plans.”
In the third quarter of this year, Snaigė, AB increased its turnover. According to the unaudited non-consolidated data, it exceeded EUR 10 million, which was 12% higher than compared to the second quarter of this year. The company exported its products to over 30 countries in Europe and Asia. The largest share of the sales revenue came from Germany, France, Ukraine, Lithuania and the Czech Republic.
The company introduced two refrigerator lines with new designs. These are the retro style refrigerators Snaigė RETRO and modern refrigerators with larger spaces for storing fresh produce called Snaigė FRESH INN. The new fridges have already reached the stores and their customers in some of the countries across Europe.
The CEO Snaigė, AB
Gediminas Čeika
+370 315 56206
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