LATVIA - Latvia’s meat processor Forevers is aiming to increase its revenues by up to 5 per cent in 2016, the company announced following the release of its improved sales results for last year. To enable this, Forevers is currently implementing a number of investments to raise its output capacity.
For 2015, Forevers reported sales of some €30.1 million, an increase of 8 per cent compared with a year earlier, as well as a net profit of about €1.43 million, according to the information obtained by local news agency LETA.
With the aim to further expand its sales, the company is carrying out an investment worth €12.8 million under which it plans to modernise and raise the output capacity of its meat processing facility by 2018.
The expansion is to allow Forevers to increase its foreign sales which currently represent a minor share of the company’s revenues. The Latvian firm sells as much as 99.2 per cent of its output in the domestic market, and only about 0.8 per cent of its output is intended for export sales to other European Union member states.
The meat processor’s facilities are operated by a workforce of some 239 employees, according to data from Forevers. The company’s product range comprises of various pork, poultry and beef meat products, such as sausages, hams, pates, cutlets and others.
Set up in 1996, Forevers owns a meat processing facility in the country’s capital Riga, and owns branches in Jekabpils and Saldus, both in Latvia. The company is enabled to process about 79 tonnes of meat per day. Earlier this month, Forevers said in a statement that it reached its new record monthly output level last August, with some 1,452 tonnes of processed meat.
Forevers is owned by Latvian businessman Andrejs Ždans who also serves as the company’s chief executive.