LATVIA: Big plans for Kimmels Riga this year
Kimmels Riga, the Latvian brewery, has revealed its plans for 2004. The company announced yesterday that it intends to boost its turnover this year by 7% to 10% to exceed LVL2m (US$3.75m). It also plans to export 1.6m litres of beer to Great Britain in 2004.
The company estimates its turnover in 2003 to hit about LVL2 million, which is around 7% higher than in 2002, when it posted a net turnover of LVL1.927m with losses of LVL0.944m.
The company will start exporting beer to the UK in accordance with an official agreement it signed with "Baltic Food & Beverages Ltd." at the beginning of January. Four brands, all in glass bottles, will be exported - Kimmel Premium, Kimmel Rigas Originalais, Kimmel Stiprais and Kimmel Tumsais. The beers to the UK will account for around 20% of the brewery's production. Until now, only 1% of Kimmels Riga's products had been for export.
Kimmel plans to continue investing towards development, focusing on retail this year and stated that annual investments would reach several millions of lats.
Last year, Kimmels Riga controlled 4.2% of Latvia's beer market.
Sectors: Beer & cider
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