AS MADARA Cosmetics turnover in Q1 2024 surpasses EUR 5.5 million and launches new products
The Company's consolidated (unaudited) turnover in the first quarter of 2024 was EUR 5.5 million, a 5.2% increase compared to the same period in 2023.
Turnover in the first quarter of 2024 increased by 10% in European Union (EU) countries (excluding Latvia). Meanwhile, turnover in Latvia and outside the EU both declined by 8.5% year on year. France showed double digit growth for another quarter, with the France B2B segment growing by over 30%. During the first quarter of this year, the Company took over the product distribution function for the MÁDARA brand in Estonia. In addition, Estonia saw a 37% growth in turnover in Q1 2024 compared to the same period last year.
In the first quarter 74% of turnover was generated in EU countries (excluding Latvia), 19% in Latvia, 6% outside the EU, and 1% from other revenue.
The Company successfully continued product development, including adding new products to its collection. During the first quarter, the semi-matte peptide foundation SKINONYM launched 12 new shades, significantly expanding the current shade range. Furthermore, the Company launched AIR EQUAL Soft Silk Mineral Powders, which are free from titanium dioxide and talc. Pressed powders are a new makeup segment for the Company and appreciably supplement the MÁDARA brand product range. Also, a Botanic Niacinamide Alternative serum was introduced following the footsteps of the bestseller Botanic Retinol Serum, which was launched last year. An Omega-3-6-9 Concentrate was also launched within the CUSTOM ACTIVES product line.
Management guidance for the turnover target of the Company for 2024 is EUR 22.25 million and remains unchanged.
Management Board of AS “MADARA Cosmetics”
The shares of Madara Cosmetics are admitted to trading on Nasdaq Baltic First North Market.
The Certified Adviser for AS Madara Cosmetics is ZAB Eversheds Sutherland Bitāns SIA.
MADARA Cosmetics was founded in 2006 and has become one of the leading manufacturers of cosmetics in Northern Europe and the leader in Latvia. The cosmetics brand MÁDARA represented by the company is a pioneer in the segment of natural beauty care and make-up cosmetics in Latvia. In 2016 and in 2017, the company ranked in the Top 10 of the Most Reputable Companies of Latvia. At the beginning of 2017, the limited liability company was transformed to a joint-stock company. Since November 2017, the company’s shares have been listed on the “Nasdaq Baltic” alternative market “First North”. The company has been awarded the European “Role Model” award of the “SME Star Awards 2018” organised by the European Parliament in Brussels for small and medium companies. In 2019, the company received the Excellence Award at Nasdaq Baltic Award 2019 and is one of the companies that rang the bell of the trading session on the Nasdaq Stock Exchange in New York. At the end of 2020, the idea of AS MADARA Cosmetics gained worldwide recognition and won the World Intellectual Property Organization (WIPO) award WIPO IP Enterprise Trophy. For more information, visit investors.madaracosmetics.com.
Contact information:
Address: 131 Zeltiņu Street, Mārupe district, Mārupe, LV 2167, Latvia
Contact person: Uldis Iltners, member of the Management Board
E-mail: uldis@madaracosmetics.com
Phone: +371 67 470 243
Certified adviser:
ZAB Eversheds Sutherland Bitāns SIA
Contact person: Justīne Ignatavičute
E-mail: justine.ignatavicute@eversheds-sutherland.lv
Phone: +371 28 665 066
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