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AS “Balticovo” Increased its 2020 Turnover

 

The successful operations of AS “Balticovo” (a joint-stock company) in 2020 resulted in several completed large-scale development projects. This included the installation of a new water treatment plant as well as the opening of the biggest enclosure complex for non-caged laying hens in the Baltic states. The latter enabled the company to increase its turnover to 54,31 million euros – up from 50,91 million euros in 2019. The company plans to invest profits of 3,03 million euros in future development projects to implement its strategic objective of full transition to cage-free egg production within the next few years.

In 2020, “Balticovo” completed several important projects including opening a modern biological wastewater treatment plant by investing over 2 million euros. Opening a complex enclosures for non-caged laying hens. The biggest of its kind in the Baltic states, it includes an enclosure for pullets, three enclosures for laying hens, and a total capacity of over 500 000 for the birds. In development of the new complex more than 10 million euros were invested.

In 2020, the company also launched several projects of strategic significance. Firstly, it laid the foundation for a new production complex, which includes the existing packaging warehouse and a modern large-capacity egg sorting and boiling plant. Additionally, construction of a second large-scale enclosure for non-caged hens began at Kurmīši in the Vilces parish, by transforming the territory of the former stock farm into a modern complex for the rearing of hens. The plant in the Vilces parish has already started operating, however, the production complex is scheduled to open in autumn of this year.

Also in 2020, the company earned 3,03 million euros, which the management intends to use for the implementation of its strategic goals. Within the next few years “Balticovo” plans full transition to cage-free egg farming and completely restructure the operation of the plant. This sustainable decision was taken based on the long-term development strategy of the enterprise, as well as to satisfy growing consumer and food producer demands for eggs from non-caged hens. Within the next five years, “Balticovo” intends to invest over 30 million euros in the development of processes and technologies to implement this plan.

“The last year was not easy for anyone. Swift decisions had to be made to protect our employees during the pandemic without halting operations at the same time - because eggs from hens are among the basic products every household needs. Regardless of challenges the last year and as well as this one has, great emphasis on development and progress is our objective. We want Latvia to be an example even to European producers of eggs by implementing climate-neutral and sustainable functions of the industry,” stresses Vladimirs Mhitarjans (Vladimirs Mhitarjans) “Balticovo” Chairman of the Board.