Mantinga Group earned 22 million Eur EBITDA, plans to invest in several large projects

The group’s consolidated earnings before taxes, interest, depreciation and amortization (EBITDA) were 22 million. EUR, or almost twice as much as a year ago (EUR 10.8 million).

“The EBITDA margin in 2019 was 15.9%, and due to the effects of the COVID-19 pandemic and the subsequent war in Ukraine started by Russia on the world economy in 2022. The EBITDA margin was just 7.8%. In 2023, we partially restored it to 12.6%, and EBITDA itself grew twice,” Martynas Mykolaitis, Mantinga Group board member and financial director, is quoted in the company’s announcement.

According to him, the goal is to return to the pre-war level of profitability in Ukraine in the next few years, but it is doubtful whether the level that existed before the pandemic will be reached.

in 2023 the company group had set a goal of doubling EBITDA. In order to achieve this, the focus was on making production and other company processes more efficient, as well as sales and increasing production capacity, automation, which led to the need for investments. Last year, Mantinga Group’s investments amounted to 11 million. EUR, and in the last two years almost 35 million have been invested in production alone. Eur.

“We see the development potential in the sector, so we look ambitiously – we plan to continue growing,” says M. Mykolaitis.

in 2022 a new production line for French products (baton, buns and hot dogs) was opened in one of the “Mantinga” factories, and in 2023 a line of puff pastry products was launched. Investments in production in the last two years include the acquisition of the Latvian company SIA “Fresh Food Production”, which produces chilled food products and snacks, and a new business management system implemented in the group of companies from 2021 to 2023.

This year, investments in production development will reach 34.3 million. Eur. Investments will be made in the installation of a new French stuffed baguette production line, as well as the installation of a warehouse area and adaptation of the area for the access of heavy vehicles. This is only the first part of the investment: in the next few years, Mantinga Group plans to invest in several more large-scale projects in order to achieve its strategic development goals.

Currently, 3 factories are operating at full capacity in Marijampolė, and another one is in Latvia. The assortment of “Mantinga” consists of 1,000 products, the products are exported to more than 40 countries. More than 1,800 employees work in the company.

Because in 2023 December 31 Mantinga Group’s second stage of reorganization has been completed, comparative financial indicators for 2022 are presented based on management reports.

The “Mantinga” group of companies consists of UAB “Mantinga Group”, UAB “Mantinga Production”, UAB “Mantinga Bakery & Food solutions”, UAB “Mantinga Logistics”, UAB “Mantinga Services”, SIA “Mantinga Latvia”, SIA “Fresh Food production “, “Mantinga Eesti” OU and TOV “Mantinga Ukraina”.