VALMIERAS STIKLA ŠĶIEDRA’s turnover in 2022 grows by 41%

17. February, 2023

VALMIERAS STIKLA ŠĶIEDRA, AS kicks off the year marking its 60th anniversary by announcing a return to strong economic and business results. In 2022, the net turnover of VALMIERAS STIKLA ŠĶIEDRA, AS reached EUR 128 million, which is a significant increase compared to 2021, when the company earned a turnover of EUR 90.5 million (8.8% more than in 2020). The company was also able to return to its former profitability level. In the last two years, the shareholders’ investments and generated profit have enabled the company to increase its equity capital by EUR 50.5 million.

One of the keys to its success has been the development of the plant’s activities in the electric car sector, proving itself to be a serious supplier of exceptional materials in this field and winning several major competitions in the automotive industry for the production of electric cars for battery cell separation and battery pack protection, such as the new Volkswagen Premium Platform Electric and Toyota bz4X.

Stefan Jugel, Chairman of the Board of VALMIERAS STIKLA ŠĶIEDRA, says: “The last two years have been a time of significant change at the company, so we are pleased that the fruits are already visible and, despite the global pandemic and geopolitical disruptions, VALMIERAS STIKLA ŠĶIEDRA continues to show high turnover and profit indicators. Although these events have drastically changed the usual working environment, new opportunities and markets have opened up for us, in which we are establishing ourselves as a leader. We are recognised globally as an innovative, sustainable and growth-oriented Latvian company, which is reflected not only in our development but also in our financial targets.”

The company exports more than 95% of its production and its main market is Western Europe, but business is also increasing in North America and Asia. The European Union accounts for 75% of the company's market, America for 14.2%, Asia for 6.5%, the Middle East for 2.3% and other countries for 2%. At present, VALMIERAS STIKLA ŠĶIEDRA is the only western supplier of high-temperature resistance glass fibre products

VALMIERAS STIKLA ŠĶIEDRA is one of the largest taxpayers in Latvia, contributing around EUR 10 million to the state budget each year. The company’s regional importance is equally significant. VALMIERAS STIKLA ŠĶIEDRA is the largest employer in Vidzeme, providing not only jobs and stable incomes for its 1,194 employees and their families, but also indirectly for around 10,000 people, thus making a significant contribution to the development of the local community, the national economy and the employment sector, confirming the company’s substantial contribution to the Latvian economy.