“Last year’s profit is the result of our consistent work. We spent several years focused on cost cutting, promotion of profitable sales, and improvements of product portfolio. The growth of Snaigė’s sales in several export markets at the same time is a yet another proof that last year’s success is not an accident,” Snaigė CEO Gediminas Ceika told Verslo Žinios business daily.
Although growth of consumption in Western markets, in particular Germany and France, was slow, the demand for refrigerators in the East was growing, he said.
“It enables us to balance our overall growth and expect this year’s performance to be even better than in 2012,” Ceika added.
Snaigė’s biggest market in terms of sales is Ukraine where the products of the Lithuanian company are sold by Confy and Svit Elektroniki, two major household appliances retailers, and Technoshik, a regional wholesaler.
Snaigė group reported 1.019 million litas (EUR 0.29m) in audited consolidated net profits for 2012, versus a loss of 5.042 million litas in 2011. Its sales revenues soared by 31.9 percent, year-on-year, to 146.548 million litas.
Russia’s Polair indirectly owns 91.1 percent of shares in Snaigė, which is quoted on the Secondary List of the NASDAQ OMX Vilnius Stock Exchange.
