APF Holdings achieved historically best results last year - turnover of 13.3 million euros and a profit of 527 thousand euros.


APF Holdings (hereinafter - APF), which includes one of the largest Baltic egg producers SIA Alūksnes putnu ferma, the Unaudited Annual Report for the year 2023 indicates that APF concluded the past year with a turnover of 13.318 million euros, which is 18% more than the previous year when turnover was 11.229 million euros. Meanwhile, the company's profit last year was 527,108 euros, which is 59% more than the previous year when the profit was 331,047 euros.    

APF's adjusted EBITDA or profit before interest, taxes, depreciation, and amortization last year increased to 2.8 million euros, which is 31% more than the previous year when EBITDA was 2.1 million euros. The company's EBITDA margin last year increased to 20.7% from 18.7% the previous year. Meanwhile, APF's net profit margin last year increased to 4% compared to 2.9% in 2022.    

"Our goal is to establish APF as one of the leading, modern poultry farming businesses in the entire Baltic region, and we are currently on track to achieve this goal. Alongside successful operational results, last year we made decisive decisions regarding the future course of our development and investments. And to finance this growth, we successfully implemented the IPO of APF shares on the Nasdaq Riga Stock Exchange, raising 107% of the IPO target, or 5.624 million euros. In addition, in February 2024, we raised another 7 million euros through a private bond issue. This raised funding is sufficient for us to implement the planned investment program, which includes the construction of two new laying hen facilities, the introduction of new egg product processing production lines, and warehouse construction," says Jurijs Adamovičs, CEO of APF Holdings.    

2024 will be a year of development for APF but considering the scale of investment projects and the expected implementation period, the largest impact of investments on turnover and financial results is expected in 2025.    

"In addition, we are building APF as a true example of a circular economy; we have a multi-dimensional sustainability strategy, which includes, among other things, our own energy production and waste recycling. We want APF to be an example that primary agricultural production can be a sustainability model not only in Latvia but throughout Europe," continues J. Adamovičs.    

The company's production capacity was increased to the current level at the end of 2021, so in 2022 and 2023, APF production capacities have remained the same, but due to the replacement cycle of the laying hen flock, the quantity of eggs sold last year has slightly decreased from 113 million in 2022 to 105 million in 2023.    

In 2023, the share of APF egg sales directly in the Latvian market was 8% higher than the previous year, demonstrating the company's ability to respond to growing consumer demand and strengthening its position locally. In addition to successful operations in Latvia, APF also actively promoted the availability of its products outside the country, successfully cooperating with partners in Estonia and Lithuania. This strategy not only expanded the company's geographic scope of operations but also revealed new opportunities for increasing market share in Europe, particularly emphasizing the potential in markets such as Poland, Germany, France, and the Scandinavian countries. These achievements demonstrate APF's commitment to promoting the availability of high-quality products both locally and internationally, thereby ensuring sustainable growth and development.    

APF Holdings (NASDAQ: EGG) is a dynamic group of companies engaged in poultry farming, chicken egg production and trading, as well as gas and organic fertilizer production related to poultry farming processes. Our portfolio includes SIA Alūksnes putnu ferma (poultry farming and egg production), SIA APF Trading (wholesale trade in chicken eggs), SIA Oluksne (providing poultry farming and egg production services), SIA APF Energy (gas and organic fertilizer production), and SIA Preiļu putni (poultry farming and young chicken rearing). Founded in 2017, APF Holdings has become a leading player in the Baltic region's poultry and egg industry.