Turnover of NewFuels wood pellet maker down 1.9% in 2021

• Published date: 26 July 2022
• Publication title: LETA

RIGA, July 26 (LETA) - NewFuels, a wood pellets producer based in Rezekne Special Economic Zone (SEZ), closed 2021 with EUR 33.616 million in turnover, down 1.9 percent from a year before, while the company's profit grew 27.7 percent year-on-year to EUR 3.487 million, according to Firmas.lv.

ccording to the company's management report, NewFuels produced 251,662 tons of wood pellets in 2021, which is 6.8 percent less than in 2020, but thanks to a higher selling price of wood pellets and comparatively lower material costs, the company closed the year with a bigger profit.

In April 2022, NewFuels received a five-year EUR 12.5 million loan and registered an EUR 18.8 million...