The consolidated EBIDTA of the Group companies reached EUR 30.2 million last year, while the total profit of the Group companies amounted to EUR 22.2 million, representing net profitability of 23%.
The copany said "a significant portion of profits" were being invested in further operational development, with the total investment in development projects last year amounting to EUR 31 million. The Group paid EUR 7.4 million in taxes to the state budget and provided 563 jobs in the Kuldīga and Tukums regions.
“Last year was one of the most successful in the history of Stiga RM. A significant increase in the sales price of plywood on international markets in the first half of the year contributed to a significant increase in revenues and surplus profits, which we almost entirely earmarked for further development. Being clearly aware that such favourable market conditions are not a long-term phenomenon, it is important for us to continuously strengthen our resilience and adaptability to different market conditions. This would not be possible without investment in the production of high added value products, renewal of equipment, machinery and fleet, as well as expansion of operations, which have enabled us to successfully withstand market fluctuations and be more competitive on a global scale,” said Andris Ramoliņš, owner and Chairman of the Management Board of Stiga RM.
