The Lithuanian company Snaige, the only manufacturer of household refrigerators and freezing equipment in the Baltic States, in January-September 2020 reduced its revenue in Ukraine by 16.3% compared to the same period in 2019, to EUR 4.504 million.
According to the published unaudited annual report of the company, Snaige’s loss in Ukraine during this period decreased by one third, amounting to EUR 2,000.
In general, the consolidated unaudited turnover of Snaige for January-September 2020 decreased by 14% compared to the nine months of last year, to EUR 22.3 million.
According to Snaige AB CEO Mindaugas Sologubas, quoted in the report, the decline in sales is a consequence of the global pandemic and quarantine.
“Due to the restrictions imposed by the quarantine, the company’s plant in Alytus was forced to work at partial capacity for several months in the spring, some employees were idle. There was a shortage of supplies, as many suppliers were located in the countries affected by the pandemic,” he said.
As noted, in the third quarter of this year, the company’s sales recovered and almost reached the level of the third quarter of last year, but this was not enough to cover the losses incurred in the spring.
At the same time, the company’s unaudited consolidated EBITDA more than doubled in three quarters, to EUR 1.7 million.
Lithuania’s Snaige, the sole manufacturer of household refrigerators and freezers in the Baltic states, saw a 16.7% rise in revenue in Ukraine in January-September 2019 year-over-year, to EUR 5.38 million. According to the published annual statements of the company, the loss of Snaige in Ukraine for this period amounted to EUR 3,000.
In total, Snaige’s total revenue for the first nine months of this year amounted to EUR 25.96 million compared to EUR 26.98 for the same period last year. The largest sales were in Western Europe totaling EUR 10.22 million (EUR 10.73 million last year).
In Ukraine, in 2018, Snaige posted a EUR 3,000 loss, while in 2017 net profit was EUR 1,000, revenue decreased 20.8%, to EUR 6.01 million.
Founded in 1963, Snaige is currently controlled by Polair, a Russian manufacturer of refrigeration equipment. Its production capacity is 550,000 refrigerators and freezers per year.
Snaige-Ukraine LLC was established in 2002.
