AS MADARA Cosmetics publishes 2023 audited annual reportInside information, 2024-05-29 15:30 CEST --
AS MADARA Cosmetics publishes its audited unconsolidated and consolidated annual report for the 2023 financial year. The report is available in the attachment (in English).
Despite the downturn in the first half of 2023, the second half of the year demonstrated the Group team's ability to deliver results with purpose, resulting in double-digit growth and improved profitability compared to the previous year. The Group's turnover in 2023 amounted to EUR 20.23 million. This represents an increase of 8.2% compared to the previous reporting year. Profit after corporation tax in 2023 was EUR 1.60 million, up 42.5% compared to the previous year. The Group's earnings per share in 2023 were EUR 0.42 (total number of shares in 2023: 3,776,578 shares).
In 2023, the Group launched six new MADARA skincare and make-up products. The Group unveiled MADARA's innovation in the skincare world – Time Miracle Retinol Alternative Serum – a plant-based alternative to synthetic retinol that has been dermatologically proven to be equivalent to retinol in its rejuvenating properties, but without the chemicals and irritants. Time Miracle Retinol Alternative Serum, after its launch in August, reached one of the top five best-selling products by the end of the year. In addition to the new Time Miracle Retinol Alternative Serum, five more new products were launched in 2023. Another success story is Skinonym Semi-Matte Tinted Cream with Peptides, a natural-textured, light to medium-weight foundation that blends seamlessly with the skin's unique texture and provides long-term skincare benefits. Since its launch, it has received praise from both everyday make-up users and professional make-up artists around the world. New product sales in 2023 amounted to over EUR 556 thousand.
In 2023, the Group's long-term investments exceeded EUR 1.38 million, of which EUR 367 thousand was invested in the MADARA brand web page. Meanwhile, more than EUR 891 thousand has been invested in technological equipment.
The Group continued to raise additional funding for various strategically important projects. In 2023, the Group's parent company completed a project under the Norwegian Financial Instruments Programme Activity – Green Innovation and Introduction of Information and Communication Technology Products into Production, with total funding of EUR 247,288. In addition, the parent company is active in the joint ventures ECSEL project Intelligent Motion Control, Competence Centre projects with new product development, the project Support for ICT and non-technological training and training to facilitate investor attraction, etc., receiving EUR 99,009 in 2023 as co-financing to achieve the project objectives.
The management expects to achieve turnover growth of at least 10% in 2024 compared to the previous year (EUR 22.25 million).
Management Board of AS “MADARA Cosmetics”
The shares of AS 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.
AS MADARA Cosmetics was founded in 2006 and has become one of the leading cosmetics manufacturers in Northern Europe and a leader in Latvia. The company' s brand MÁDARA is a pioneer in the natural skincare and make-up segment in Latvia. Since November 2017, the company's shares have been listed on the Nasdaq Baltic alternative market First North. For more information, visit investors.madaracosmetics.com.
Contact information:
Address: 131 Zeltiņu Street, Mārupe district, Mārupe, LV 2167, Latvia
Contact person: Gunta Šulte, member of the Management Board
E-mail: ir@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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