The consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) of one of the country's largest dairy processing groups „Žemaitijos pienas“ in the first half of the year grew by 48% compared to the same period last year to EUR 16.13 million (last year: EUR 10.87 million). 

The group posted consolidated revenues of EUR 147.5 million for the six months, up 7.9%, with a net profitability of 8% (last year – 5.3%) and an EBITDA margin of 10.94% (7.96%), „Žemaitijos pienas“ reported on Monday via „Nasdaq“ Vilnius stock exchange.

According to the company, the group's profitability grew on the back of an increase in the selling prices of its products on export markets.

„Žemaitijos pienas“ in the reporting period invested in the renewal and modernisation of equipment in individual production units in order to optimise production processes, ensure the efficiency of the management of risk factors related to food safety of production“, the group's report says.

The Group's operating costs in the first half of the year amounted to €19.95 million, representing 13.5% of turnover (€14.12 million and 10.3%, respectively).

„Operating expenses increased due to an increase in staff salaries, advertising costs. The Group's corporate managers spent every euro responsibly, despite the increase in sales costs (salaries, marketing funds)“, – the report says.

The Group derives the largest share of its revenue from sales in Lithuania – 50.5% (50.2% in the first half of last year &ndash), in European Union countries – 34.2% (36%), in other countries – 15.3% (13.7%). 

The countries with the highest turnover this year were Poland, Latvia, Germany, Italy, Estonia, as well as Kazakhstan, the USA, Ukraine and the UK. 

„Žemaitijos pienas“ group owns the main company „Žemaitijos pienas“ and „Šilutės rambynas“.