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4, Toma Street, Riga, LV-1003, Latvia


+371 6709 3230
info@elkogroup.com

ELKO Group Interim Report January–June 2022

Utmost attention to working capital management, strict adherence to risk policies and decisive actions help to navigate the turbulent environment.
Akciju Sabiedrība ELKO Grupa consolidated turnover during the six months of 2022 reached USD 772 million (EUR 706 million), which is a 15.6% decrease over the corresponding period in 2021, which is explained by divesting of Russian operations in April 2022. Results of operations in the Russian market were consolidated into ELKO Group only for the first four months of 2022.

Despite a decrease in consolidated revenue, ELKO’s performance is excellent, as the profitability is at a superior level reaching USD 79 million (EUR 72 million) in gross profit, which is 30.3% higher than the previous year. Prudent risk management and divestment of operations in Russian have noticeably improved the balance structure.
  • Revenue USD 772 million (EUR 706 million), a decrease of 15.6% year-on-year 
  • Gross profitability 10.2%, an increase compared to 6.6% in 2021, 6 months 
  • Gross profit USD 79 million (EUR 72 million), up by 30.3% year-on-year 
  • Net profit USD 19 million (EUR 17 million), an increase of 29.9% year-on-year 
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  2. ELKO Group Interim Report January–June 2022