The turnover of hygiene goods manufacturer “iCotton” decreased by 17.7% last year

According to the decision taken at the meeting of the company’s members on Tuesday, April 30, it was decided to leave the company’s profit for 2023 undistributed.

In 2023, iCotton’s revenues in Latvia amounted to 221,800 euros, which is a 2.3-fold drop compared to 2022, while in other European Union countries, the company’s revenues decreased by 14.3% and amounted to 7.844 million euros, while in third countries – decreased by 18.9% and amounted to 8.094 million euros.

Thus, “iCotton” earned 98.6% of revenue in export markets last year.

The company’s main sales markets are Poland, Ukraine and Great Britain, but products are also exported to Greece, Italy, Vietnam, Lithuania and Slovakia, according to the management report of the annual report.

The management report explains that the drop in the company’s turnover in 2023 compared to 2022 was mainly related to the political situation, difficult logistics and a decrease in consumer purchasing power.

Also, the management report mentions that in 2023 iCotton installed a non-woven fabric square plate production and packaging line as part of a project carried out in cooperation with the Central Finance and Contracting Agency (CFLA).

In 2023, support for the implementation of the project was received in the amount of 146,328 euros. A loan from “BluOr Bank” has also been secured for the implementation of the project, and its implementation period was until the end of 2023.

The management report also states that iCotton is actively working on investments in new production facilities that will increase the variety of products produced.

Using the patented technologies of cotton processing, the production of several new products has been started, including the production of feminine hygiene products, as well as dry wipes, and the market expansion for the realization of these products continues.

Thanks to the expansion of the production complex and the modernization of production, the company’s management expects that in 2024 the production and sales turnover of the hygiene products group will increase compared to 2023.

In 2022, “iCotton” worked with a turnover of 19.637 million euros and a loss of 20,438 euros.

The company “iCotton” was registered in 2011, and its share capital is 13,333,300 euros.

The owners of the company are Maralbeks Gabdsatarovs, a citizen of Russia until March 29, 2022 (61.13%) and SIA “iCotton” (38.87%).