SIA Banga Ltd reports audited results for 2022
Type of activity
“Banga Ltd” SIA (hereinafter – the Company) manufactures and sells canned sterilised fish.
Performance and Financial Situation of the Company
The reporting year is the 12th active year of the Company. During the year, the Company continued its core business, increasing turnover, profitability, output and product mix. Active participation in export markets has expanded the sales regions to over 30 countries worldwide and created the conditions for a promising new product launch. The Company’s financial position is stable, with a significant increase in equity capital, which is invested in the Company’s long-term assets.
Future Development Plans
The substantial investments made in the Company’s production facilities, equipment and infrastructure during the year under review have created the basis to continue to increase output while reducing costs and to develop new products. The production of new ranges and the use of new equipment efficiencies will enable the Company to be more competitive in world markets – increasing turnover and improving profitability. Future development includes continued investment in the Company’s real estate, infrastructure, personnel and digitalisation.
Use of Financial Instruments
Most significant financial instruments of the Company are issued bonds, loans from credit institutions and credit lines, trade and other payables. The main task of these financial instruments is to provide financing for the company’s business operations. The Company is also exposed to a number of other financial instruments, such as trade receivables and cash arising directly from operating activities.
Raivis Veckagans
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