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Profit at Riga Black Balsam drinks company up 30%

By Anatol Steven. 23.08.2013

Latvijas balzams
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Latvijas balzams sees profit increase 30% to €2 million in H1

One of Latvia’s most internationally famous companies has posted a 30% rise in unaudited profit in the first half of 2013. Latvijas balzams, which manufactures the legendary alcoholic herbal drink Riga Black Balsam, earned LVL 1.4 million (€2 million) during the period.

In the company’s statement to the NASDAQ OMX Riga stock exchange, the local beverage giant achieved LVL 32.5 million in unaudited turnover in January-June 2013, a 2.6% increase on the same period in 2012.

The firm paid LVL 21.4 million in taxes to the state budget in the first half of 2013, including LVL 15.9 million in excise tax.

“Progress is based on purposeful work,” Guntis Aboltins-Abolins, chairman of the board of Latvijas balzams, said. “We produce more than one hundred brands of beverages for domestic and export market demands. Our product quality and excellence are confirmed by our success in international competitions – coffee liqueur Moka, Riga Black Balsam and Riga Black Vodka, successfully competing on both local and export markets, were awarded in London and Los Angeles.”

Latvijas balzams’ main export markets are the Baltic region, Russia, Germany and Scandinavia. New markets, such as China, are currently being explored. 

[photo courtesy Latvijas balzams]


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