Madara Cosmetics Group raises turnover 20.5% in 2021

• Published date: 27 May 2022
• Publication title: LETA

RIGA, May 27 (LETA) - Cosmetics producer Madara Cosmetics Group's turnover for 2021 amounted to EUR 19.369 million, a 20.5 percent increase compared to the prior year, while the group's profit rose 6.5 percent to EUR 3.669 million, according to the company's report submitted to Nasdaq Riga stock exchange.

Madara Cosmetics Group's sales in Latvia rose 13.9 percent last year, amounting to EUR 4.83 million, while sales in other European Union countries stood at EUR 12.552 million, an increase of 17.7 percent, and sales in other markets at EUR 1.79 million, 88.9 percent more than in 2020.

Last year, the company invested EUR 500,000 in its online store, EUR 350,000 in printing services and EUR 130,000 in research.

In 2021, the...