“Vilniaus baladi” sales grew by 9 percent, up to 53.5 million. euros
The sales of the joint-stock company “Vilniaus baldai” in the first half of the year amounted to 53.462 million. euros and was 9 percent. higher than in the same period a year ago. In six months, the company’s efficiency increased by about 25 percent, the losses of the previous period were replaced by net profit, and the profit before interest, taxes, depreciation and amortization (EBITDA) grew more than 9 times.
The financial year of “Vilnius Baladi” begins on September 1. and ends on August 31.
During the months of September – February, the group earned 6.702 million. EUR net profit, and EBITDA was 10.03 million. euros. In the same period a year ago, the company’s net loss amounted to 2.048 million. EUR, but EBITDA was positive and reached 1.025 million. euros.
“The results of this half year illustrate the purposeful work of the company, which pays off both in the face of prolonged economic uncertainty and in achieving long-term goals. Since the move to the new factory, we have been significantly increasing efficiency, production flexibility, improving quality and the use of energy resources. Such actions ensured profitable operations, growing EBITDA and sales, despite the fact that in the second quarter, as usual, the effect of seasonality is felt, although weaker than a year ago,” commented Jonas Krutinis, CEO of “Vilniaus Baldai” in the report.
According to J. Krutinis, there are currently no significant changes in global demand.
“It can be said that the overall demand remains stable, but we continue to closely monitor the situation, strengthen the company’s resilience and plan our activities in such a way that we can quickly adapt to any changes.” In the near future, we will continue to improve the production flow, we will invest in process automation in order to ensure the sustainability of the achieved results”, said the CEO.
The sales of Vilniaus baldai AB in the second quarter of this financial year amounted to 23.362 million. euros and was 14 percent. higher than in the same period a year ago. In the second quarter, the company earned 2.535 million. EUR net profit, and EBITDA amounted to 4.103 million. euros. In the same period last year, the net loss of “Vilnius Baladi” amounted to 1.469 million. EUR, and EBITDA was 0.033 million. euros.
The specialization of “Vilniaus baladi” is the production of light structure cabinet furniture. Most of the company’s products are children’s furniture, which is subject to the strictest safety and quality requirements. All the company’s products are sold to IKEA, with which cooperation began back in 1997. In 2007, IKEA became the main client of “Vilnius Baladi”.
