Brewery Saku has reported a net profit of €8.1 million for 2021 – a 19 percent rise on year rand its strongest result in recent years, driven both by the domestic retail market and by significant export growth.
Saku's sales revenue was €69.35 million in 2021, a 6.7 rise on year.
Board member Jaan Härms said: "In terms of both sales and profit, 2021 was the strongest year for Saku Brewery in the last seven years, and we were the leaders in the domestic beverage market in both the beer and cider segments."
"The Estonian domestic beer market grew by almost six percent in retail trade, which was contributed to by the warm and long summer seen over the year as well as the continued fall in purchases from over the Latvian border," Härms went on, referring to cuts in excise duties on beer in Estonia which had discouraged cross-border shopping.
Export turnover rose by 5 percent on year, while the volume of beverages sold for export rose by 13 percent, while the turnover of Saku Brewery's own brands rose 2.5-fold in 2021, Härms said.
Challenges in 2021 included the Covid pandemic and the ensuing restrictions, while Russia's invasion of Ukraine starting February 24 will prove a challenge for this year.
Saku employed slightly fewer than 300 people in 2021, while the company says its labor costs increased by approximately 7 percent compared with 2020's figure and amounted to €10 million.
Editor: Andrew Whyte