Yahoo Finance Despite the negative impact of the pandemic and lower sales, three-quarter EBITDA of SNAIGĖ, AB, increased
According to unaudited consolidated data, Snaigė, AB, achieved a turnover of EUR 22.3 million during the three quarters of 2020, i.e. 14% lower than during the same period last year.
According to Mindaugas Sologubas, CEO of Snaigė, AB, the decrease in sales is a consequence of the global pandemic and global quarantine. “Due to the restrictions imposed by the quarantine, the company's factory in Alytus was forced to work at part capacity for a couple of months in spring, some employees were in downtime,” said Sologubas. “There was a shortage of supply, as many of our suppliers were in the countries affected by the pandemic”.
In the third quarter of this year, the company's sales recovered and almost reached the level of sales in the third quarter of last year. However, this was not enough to cover the losses incurred in the spring.
The company's unaudited consolidated EBITDA for the three quarters more than doubled compared to the same period last year and reached EUR 1.7 million.
According to Sologubas, the growth of EBITDA was conditioned by several factors – more profitable, albeit lower sales, internal fixed cost savings program and received state compensation for downtime.
Despite the unfavourable circumstances influenced by the pandemic, Snaigė, AB, implemented long-cherished plans and started serial production of professional refrigeration equipment. The first products were successfully sold in the second quarter of this year.
During the three quarters of this year, Snaigė, AB, exported its products to almost 30 European, Asian and African countries. Exports accounted for 84% of the Company's total turnover. The Company's largest foreign sales markets were Ukraine (21%), Germany (15%), the Czech Republic (7%), France (6%), and Austria (4%).
Snaigė, AB General Director
Mindaugas Sologubas
Phone: +370 315 56206
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