Wood pellet producer Graanul Pellets' turnover down 2.9% in 2021

• Published date: 10 May 2022
• Publication title: LETA

RIGA, May 10 (LETA) - Wood pellet producer Graanul Pellets posted EUR 52.528 million in turnover last year, which is 2.9 percent less than in 2020, while the company's profit decreased by 22.6 percent to EUR 6.8 million, according Firmas.lv.

The company's annual report says that Graanul Pellets produced 296,039 tons of wood pellets in 2021, which is 10 percent less than in 2020.

ccording to the report, low demand for wood pellets was observed in the first half of 2021, which is why the company was operating at reduced capacity for some periods last year. In the second half of the year, the market was recovering, however, prices of materials and production costs increased.

The company's operations were also affected by increasing electricity prices at the end of 2021, due to which the company suspended production.

Last year Graanul Pellets mostly...