The audited turnover of the cosmetics manufacturer Madara Cosmetics last year was 19.369 million euros, which is 20.5% more than in 2020, but the group’s profit increased by 6.5% to 3.669 million euros, according to the company’s Nasdaq announcement. Riga”.
In 2021, the parent company of Madara Cosmetics had a turnover of 18.914 million euros, which is 21.3% more than a year earlier, and earned a profit of 3.466 million euros, an increase of 0.6%.
In 2021, the revenue of the Madara Cosmetics Group from the sale of products in the Latvian market increased by 13.9% compared to 2020, reaching 4.83 million euros, while in the rest of the European Union the products were sold in the amount of 12.552 million euros, which is 17%. 7% more, but in other markets – 1.79 million euros, which is an increase of 88.9%.
Other income of the group amounted to 194,000 euros.
Indicate in the management report of the financial statements that there was a change in the distribution of turnover by product groups last year. The share of facial products decreased by two percentage points to 55%, while the share of the anti-age product segment increased by three percentage points to 14%. At the same time, the share of body products decreased by three percentage points to 9%, while the share of one percentage point increased in both the hair and cosmetics categories to 8% and 13% respectively.
Last year, the company invested 500,000 euros in the e-shop platform, as well as 350,000 euros in the printing services segment and 130,000 euros in research.
The Group’s long-term investments in 2021 exceeded 1.7 million euros, of which more than 600,000 euros were invested in production equipment.
The company plans to reach a turnover of 27 million euros by 2023.
In 2020, the Madara Cosmetics Group had a turnover of 16.075 million euros and a profit of 3.445 million euros.
The company also announces that it plans to pay 0.5 euros per share in dividends from last year’s profit. At the regular shareholders ‘meeting to be held on June 14, Madara Cosmetics’ profit for 2021 in the amount of 3,476,054 euros is planned to be partially distributed by paying a total of 1,885,288 euros or 0.5 euros per share in dividends. At the same time, the remaining part of the profit for 2021 in the amount of 1,590,766 euros is planned to be left undistributed.
It is planned to determine at the shareholders’ meeting that the Ex-date of dividends is June 28, ie the shareholder will not receive dividends from this date for the purchased shares for which a decision was made to pay dividends. It is planned that the dividend payment date will be June 30.
The shareholders plan to elect SIA Deloitte Audits Latvia as the auditor of Madara Cosmetics for the audit of the annual accounts for 2022, 2023 and 2024 and to set the auditor’s remuneration for the audit of the annual accounts for 2022, 2023 and 2024 at EUR 85,500. amount.
The company was registered in 2006 and has a share capital of 377,058 euros. The largest owners of Madara Cosmetics are Uldis Iltners (23.92%), Lotte Tisenkopfa-Iltnere (23.76%), Transmeri Group Ab (22.93%), Liene Drāzniece (6.79%) and Zane Tamane (6.35%).
Madara Cosmetics shares are listed on the Nasdaq Riga alternative market First North.
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