According to unaudited consolidated data, AB SNAIGĖ achieved a turnover of EUR 29 million in 2020, i.e. 9 % less than 2019.
According to Mindaugas Sologubas, CEO of AB SNAIGĖ, the first quarantine had the most significant sales impact. "Due to the restrictions imposed in the spring, the company's factory in Alytus was forced to work at part capacity for a couple of months, and some employees were in downtime," said M. Sologubas. "- "There was a shortage of supply, as many of our suppliers were in the countries affected by the pandemic".
However, in the third quarter, the Company's sales already reached the third quarter of 2019. And the fourth, compared to 2019. - exceeded 12%. However, this was not enough to cover the losses incurred in the spring.
According to M. Sologubas, in the context of quarantine, household refrigerators and especially freezers were in great demand. In many countries, their demand has increased by almost 50%. Understandably, people wanted to store food for a more extended period during the quarantine.
The Company's unaudited consolidated EBITDA in 2020 reached 2.8 million. EUR.
According to Mindaugas Sologubas, CEO of AB SNAIGĖ, the growth of EBITDA was determined by several factors - more profitable, albeit lower sales, internal fixed cost savings program and received state compensation downtime.
Despite the pandemic's unfavourable circumstances, AB SNAIGĖ implemented long-cherished plans and started serial production of professional refrigeration equipment. The Company began to produce refrigeration and cooling units developed in the Company and expanded the showcase and storage refrigerators range. In the last quarter of last year, the Company successfully adapted its showcase refrigerators for pharmacies and other medical institutions. Such refrigerators went to hospitals and polyclinics in Lithuania and other countries.
In 2020 the share of professional equipment in the total portfolio of the Company was almost 20%.
During 2020, AB SNAIGĖ exported its products to almost 30 European, Asian and African countries. The Company's largest foreign sales markets were Ukraine (19%), Germany (16%), the Czech Republic (8%), France (5%), and Austria (4%).
Exports accounted for 89 % total turnover of the Company.
Snaigė, AB General Director
Phone: +370 315 56206
© 2021 GlobeNewswire, Inc. All Rights Reserved.