October 30, 2012
In the nearest future, Latvia's largest egg producer Balticovo aims to enter the Middle East market.
Balticovo's board chairman Arnis Veinbergs said that the company was also working to expand its existing export markets. "We are currently expanding on the existing markets, looking for cooperation partners on those markets. We plan to take the Middle East market in the nearest future and will participate in the Gulf Food fair in Dubai in 2013. We can offer good-quality products at competitive prices therefore there is equally high demand for all our products on the export markets," Veinbergs said.
Balticovo also plans to expand its product portfolio and increase production but the board chairman would not give any details about the plans for launching new products. He said that this year the company had already built a new henhouse and an egg boiling plant.
This year it has also started implementing a project for development of a rapeseed plant that would be processing three tonnes on rapeseed an hour. The investments in this plant will total around EUR1.5 million (US$1.9 million), Veinbergs said.
He said that the forecasts about the Balticovo annual results were pleasing but the company would announce its preliminary results only at the beginning of next year. The company exports about 70% of its output.
Balticovo, founded in 1992, is the leading producer of eggs and egg products in Latvia. The largest shareholder in Balticovo is BCO with 95.42% of shares, while the rest of Balticovo shares are held by several individuals.
In 2011, it posted LVL23.329 million (US$43 million) in annual turnover at a 9.9% rise from a year before, but the company's profit shrank to LVL444,000 (US$823,000) and was 5.6 times smaller than in 2010, according to the financial statements published in the business register database.
