SIA CrossChem continues its rapid growth

Latvian chemical products manufacturer SIA CrossChem posted turnover of EUR 38.3 million in Latvia, while at a group level global turnover exceeded EUR 70 million.

SIA CrossChem increased its turnover by 20% compared to 2021, improving its gross margin from 11% to 15.2%, while the EBITDA margin increased from 7% to 11%. The Company also reduced its loan commitments and improved its equity to total assets ratio from 28% to 44%.

“2022 was a challenging year, when we had to change our raw material supply channels drastically, find solutions to the constant rise in energy prices, deal with regular delivery delays and payment constraints. Last year is well described by a quote from the book “Money and People”, where was said “if you can do business in Latvia, you can do it all over the world” and I can’t disagree with that, because such difficult business conditions as in Latvia I have not seen in any of the 20 countries where CrossChem has branches and representative offices,” says Ričards Andersons, Chairman of the Management Board of CrossChem.