The unaudited consolidated financial report of Valmieras stikla šķiedra JSC shows that the consolidated net sales of the Valmieras stikla šķiedra JSC and its subsidiaries in 2016 was EUR 124.3 million. This is the highest annual net sales reached in Valmieras stikla šķiedra JSC since it was founded. Compared with 2015 results the sales has increased by EUR 3.1 million or 2.6 % related to strong sales strategy in key export markets.
In 2016 Valmieras stikla šķiedra JSC and its subsidiaries (hereinafter also - Group) have been profitable. The consolidated operating profit (EBITDA) of the Group has increased by 10 % or EUR 1.6 million reaching EUR 17.74 million. The Group’s unaudited consolidated net profit amounts of EUR 5.09 million, which is EUR 0.39 million less than the audited net profit of the Group in the year 2015.
In 2016 the Group experienced a record number of orders for its products and the demand for glass fibre products was extremely high. The 4th quarter sales of 2016 were strong and the Group continued to strengthen its positions in the current markets. In 2016 the main export markets remained the same: European Union countries (76 %), North America (11 %) and other export countries.
In year 2017 the Group was able to continue the Q4 2016 development. The provisional data of the Group show that the consolidated net sales in January 2017 reached EUR 12.7 million and the provisional consolidated net profit of the Group is significant higher than in January 2016. The consolidated operating profit (EBITDA) of the Group has increased by 62 % compared to January 2016 reaching EUR 2.5 million. The Group’s production capacities are fully sold out in the global markets and the Management expects this situation to continue.
Considering the positive growth trends in the global glass fibre market, the constantly developing fibreglass industry and the high demand for glass fibre products the management of the joint stock company predicts that the Group’s consolidated net sales in 2017 will reach EUR 135 to EUR 142 million, which will make a consolidated net profit of EUR 9.5 to EUR 10 million.
In 2016 the Group employed 1207 employees with a number of 1032 employees employed by Valmieras stikla šķiedra JSC in Latvia. Whereas the subsidiary company Valmiera Glass UK Ltd. employed 130 employees and the subsidiary P-D Valmiera Glass USA Corp. 45 employees.
About Valmiera Glass Group:
Valmieras stikla šķiedra JSC and its subsidiaries (hereinafter referred to as the Valmiera Glass Group or the Group) is one of the leading glass fibre manufacturers in Europe. Valmiera Glass Group companies operate in three countries on two continents: Latvia, the United Kingdom and the United States of America. Valmieras stikla šķiedra JSC production facilities have more than eighty years of experience in textile processing, and their products are aimed at various industrial markets. The Group consists of four companies: the parent company Valmieras stikla šķiedra JSC and its three subsidiary companies - Valmiera Glass UK Ltd. in the United Kingdom, P-D Valmiera Glass USA Corp. and Valmiera Glass USA Trading Corp. in the United States of America.
Contacts:
Marika Nīmante
JSC „Valmieras stikla šķiedra” marketing project manager
Phone: +371 64202276, +371 26635509
Fax: +371 64281216
E-mail: Marika.Nimante@valmiera-glass.com
More information about company: www.valmiera-glass.com
