RIGA, Aug 5 (LETA) - Turnover of timber company Stiga RM Group amounted to EUR 97 million last year, while the group's profit was EUR 10 million, the company informed LETA.

The company explains that at the end of 2023, holding company Stiga RM Parvaldiba was established to manage the group, and 2024 is the first reporting period for which a consolidated annual report at Stiga RM Parvaldiba has been prepared, reflecting the changes in the legal structure of the group. Therefore, it is impossible to compare the data for 2024 and 2023.

The parent company Stiga RM's turnover in 2024 was EUR 80.059 million, up 4.6 percent on 2023, but its profit decreased twofold to EUR 9.961 million.

Andris Ramolins, the owner and CEO of Stiga RM, says that this year the company's priority is to focus on growth and sustainability.

The company emphasizes that despite the uncertainty on global markets, Stiga RM maintains its long-term goal to be a competitive, technologically advanced and sustainable industry leader. Investments in productivity, innovation and development of forest resources make it possible for the company it to respond flexibly to market changes and lay the foundations for solid growth in the future.

Last year, Stiga RM Group implemented an investment program of EUR 37 million. This included the completion of several major phases in construction of a new production facility in Tukums, which will be put into operation at the end of this year.

Modernization of Stiga RM plant in Kuldiga also continued last year, in which EUR 22 million was invested.

The company explains that the acquisition of the Norupe sawmill has also been completed and work started on a new wood processing plant project in Ogre last year. Over the next several years, the sawmill will be rebuilt to manufacture birch plywood.

Last year, Stiga RM also acquired approximately 1,000 hectares of forests, increasing the total area of land managed by the company to more than 12,500 hectares. Investments in purchases of forests amounted to almost EUR 6 million in 2024. The company emphasizes that, thanks to this strategy, Stiga RM can ensure a steady supply of timber and to take greater responsibility for sustainable forest management.

As reported, Stiga RM's group turnover in 2023 was almost EUR 95 million, up 12 percent year-on-year, while the group's profit was unchanged at EUR 22.2 million. The parent company Stiga RM, on the other hand, had a turnover of EUR 76.554 million and a profit of EUR 19.477 million in 2023.

Stiga RM was registered in 1994 and its share capital is EUR 1.921 million. The sole owner of the company is Stiga RM Parvaldiba, which belongs to Ramolins.