July 11, 2023

Mantinga Group revenue grew last year, although profits were adjusted by investments and inflation


According to consolidated data, Mantinga Group received EUR 138 million in revenue last year – a 32% increase in comparison to 2021. In the comparative period, the group’s consolidated profit before taxes, interest, depreciation and amortization (EBITDA) was EUR 10.8 million, or 8.7% less than a year ago.

The CEO of Mantinga Group, Mantas Agentas, says that the financial indicators for 2022 were determined by the inflation of expensive raw materials, as well as investments in new production capacities, which amounted to almost EUR 24 million.

“With its ambitious development plans, Mantinga Group has been actively investing in new equipment, production lines and new products in recent years. Despite inflation, the energy price crisis and expensive raw materials, we have managed to control the situation and finished the year 2022 profitably. This demonstrates that the group manages risks responsibly, while changes in the group structure will allow for even better optimization of operations. After the completion of the latter, we will be able to manage business units, distribute capital, manage risks even more effectively and will open up new opportunities for various means of attracting capital”, says M. Agentas.

Last year, the price of raw materials and purchased services increased due to inflation, as well as the rising wage costs.

“We believe that by increasing the efficiency of companies in the next few years, we will return to the level of profitability that existed before the war in Ukraine, although we will probably not reach the level of profitability that existed before the pandemic crisis. With this year’s increased production capacity and new products provide optimism, we are constantly looking for new export markets,” says M. Agentas.

In 2022, the investments in production made by Mantinga Group reached EUR 23.8 million. Investments in production include the acquisition of the Latvian company SIA “Fresh Food Production”, which produces chilled food products and snacks, and a new business management system to be implemented in the group of companies from 2021.