RIGA, March 31 (LETA) - In the first half of the financial year that lasted from July 1 to December 31, 2024, Latraps agricultural co-op company turned over EUR 167.391 million, down 3 percent from the same period a year before, while the company's profit dropped 17.4 percent year-on-year to EUR 4.127 million, according to the company's statement to Nasdaq Riga.

Roberts Stripnieks, chairman of the Latraps management board, said in the statement that during the first half of the financial year Latraps implemented its strategic development plans, including completing first public bond offering.

According to the cooperative's statement to the stock exchange, notes from July 1 to December 31, 2024, grain was produced not only for domestic consumption in Latvia but also exported to over 30 countries worldwide. Significant investments have been made in the Madona primary processing complex, enhancing the cooperative’s capacity.

Furthermore, by issuing bonds and attracting the strategic investor Pfeifer & Langen International BV, the most ambitious project of recent years was launched in December - the construction of a pea protein isolate production plant in Jelgava (ASNS Ingredient).

This will be the first plant of its kind in Latvia and Northern Europe to incorporate innovative technologies that will enhance the production process and make it more environmentally sustainable.

Currently, active construction work is underway in Jelgava, and most of the buildings of ASNS Ingredient are scheduled for commissioning by the end of summer 2025. Land reclamation and surface transformation works have already been completed, and construction of the foundations and structures has begun. The first building - a warehouse for finished products - is expected to be completed in May. The other premises in the plant complex will be allocated for production processes, with construction scheduled for completion by the end of the summer.

From April, the ordered equipment will start to come in. Assembly work at the plant is expected to begin by the end of summer 2025 and continue until autumn 2026, with the perspective of launching the plant in 2027.

As reported, according to information available at Firmas.lv, Asns Ingredient was registered in August 2020 and its share capital is EUR 2,800. Latraps is its only owner.

In the first half of the previous financial year, from July 1 to December 2023, Latraps turned over EUR 172.64 million and generated a profit of EUR 4.994 million.

In the financial year that lasted from July 1, 2022 to June 30, 2023, Latraps turned over EUR 339.133 million, which is an increase of 13.2 percent against a year before, while the company's profit dropped 26.7 percent year-on-year to EUR 2.73 million.

Latraps is a cooperative society made up of different farms from all over Latvia. The cooperative offers farmers grain storage, marketing and transportation services, purchases of agricultural commodities and fuel, agricultural machinery, crop insurance and others.

Latraps was registered in 2000 and has 1,220 members.