In 2024, Latvijas Finieris Group sold a record 309 thousand m3 of plywood (in 2023 – 296.6 thousand m3), this represents the best result in the company’s history.
The Group’s turnover in 2024 reached Euro 409.0 million, compared to Euro 404.8 million in 2023. Net revenue was Euro 57 million (in 2023 – Euro 55.6 million). Whereas, EBITDA of the Group has reached Euro 82.2 million, compared to Euro 78 million in 2023.
92% of birch plywood was sold outside Latvia in 56 export countries.
“The situation in the plywood markets was complex last year. However, under these conditions, Latvijas Finieris managed to not only maintain its market share but even to increase it. This is the result of a long-term policy of the owners to invest in the growth of the company in a targeted manner, building the company’s overall image as a reliable partner. Customer relationships and mutual trust ensured stable demand, which the production units were able to meet on time. The demand for thin, high-quality plywood nearly exceeded production capacity. However, through improvements in production efficiency, work organisation and strategic investments in modernisation, we significantly enhanced production performance,” says Jānis Ciems, Chairman of the Executive Board of Latvijas Finieris.
“We are currently in the second phase of the Group’s strategic plan, which focuses on ensuring long-term competitiveness. This phase aims to strengthen support streams and profitability in our core business, enabling us to concentrate resources and strategically plan for future growth. To do this successfully, we need to improve our communication with employees, the public and decision-makers on issues of concern to the Group, the industry and regional security in Europe. A strong economy is the foundation of every country’s prosperity, and Latvijas Finieris’ activities embody this principle. By promoting exports, innovation and sustainability, we contribute not only to our own growth but also to the overall growth of the Latvian economy.”
In 2024, several major investment projects were completed, such as, the construction of the veneer production facility Kuldīgas fabrika and the new metalworking shop at Iekārtu rūpnīca. This year, the new wooden building complex at the ZĀBAKI tree nursery will open. The expansion of the VEREMS mill is expected to be completed. Development projects are also planned at Sastamala mill in Finland and Kohila Vineer mill in Estonia.
Given the production growth and ambitious development plans, Latvijas Finieris aims to source approximately half of the veneer log volume required by the Group from outside Latvia in the coming years. However, equally important are the Group’s investments in land and forest properties managed by the Group. In 2024, Latvijas Finieris invested Euro 15.2 million, acquiring forests and land covering an area of almost 3000 ha. The Group manages a total of 876 properties on a 14 751 ha area.
Latvijas Finieris is one of the largest birch plywood producing companies in the world with production in all Baltic countries and in Finland.
