Riga, Jan 23 (LETA) - Daugavpils metalworking and mechanical engineering company Zieglera Masinbuve generated a turnover of EUR 21.106 million in the last financial year, which ran from October 1, 2023, to September 30, 2024, which is 36.9 percent less than in the previous financial year, while the company's profit decreased 5.2 times and was EUR 569 449, according to Firmas.lv.

According to the management report, the company exported 97.6 percent of its products and services in the last financial year. The three largest export countries were Germany, Finland and France.

Only Ukraine and Kazakhstan saw a significant increase in exports in the last financial year. Sales to the UK and Poland fell sharply. The management report states that, due to the Russian invasion of Ukraine, sales of Ziegler's products to Russian markets were suspended, while sales to Kazakhstan, Denmark and Spain increased.

Almost all sectors of activity were in decline, with the stagnation of the European economy, the downturn in the automotive industry and the continuation of the war in Ukraine being the main factors affecting the business. Thus, there was a 35.4 percent drop in machinery, a 44 percent drop in the automotive division, a 52 percent drop in sales of own products in CIS countries, and only metalworking services in Latvia saw an increase of 25 percent.

In the next financial year, the company plans to maintain turnover at the 2023-2024 level and to focus mainly on reducing inventories of own products. In the automotive sector, it is planned to discontinue the production of U-Shin.

In the previous financial year, which ran from October 1, 2022, to September 30, 2023, Zieglera Masinbuve had a turnover of EUR 33.439 million and a profit of EUR 2.987 million.

Zieglera Masinbuve was established in Daugavpils in 1997. The company's share capital is EUR 1.4 million. The company is wholly owned by Martin Ziegler GmbH & Co.KG, a company registered in Germany.