One of the leading IT product wholesalers in Eastern Europe and the largest
company in Latvia “ELKO Group” worked with a turnover of 555,6 million US
dollars in the first half of 2008, which is a 49% increase over the
corresponding period in 2007. Furthermore, in the first half of the year “ELKO
Group” generated a profit after taxes of 14,8 million US dollars, which is a
136% increase compared to the first half year of 2007. The profitability ratio
of the company in the first six months of 2008 was 2,6%.
“The main factor, which facilitated the notable increase in profit was the
successful activity of “ELKO Group” in the CIS markets. In the still
unsaturated markets of these countries we have achieved a 61% increase in
turnover in the first half year compared to the first half of 2007. Of course,
the performance of “ELKO Group” is considerably influenced by different
economic and political factors both in Latvia and other countries in the
markets of which we carry out active operations. In the first half of the year
in all of our regions of operation - Central Europe, Eastern Europe and CIS -
the demand increased against the background of comparatively low use of
computers, becoming one of the key factors driving the company's growth,”
president of “ELKO Group” Egons Mednis comments the financial results of the
first half year.
The financial indicators of “ELKO Group” in the first half of 2008 have also
been influenced by several important developments. As of May of this year the
company's bonds at a value of 6,5 million euros are quoted in the Riga Stock
Exchange. Furthermore, in June “ELKO Group” became the official wholesaler in
the Baltic countries of “Micro-Star International” IT products and “TomTom”
navigational devices.
ELKO Group
AS “ELKO Group” was founded in 1993. “ELKO Group” is Latvia's largest company
and achieved a turnover of 1 billion US dollars last year. The main area of
operation of the company is wholesale of computer engineering and electronic
components and products in the Baltics, Central Europe and the CIS. The company
represents approximately 70 manufacturers and supplies products to more than 6
300 retailers, local computer manufacturers and system integrators. “ELKO
Group” offers more than 7 000 product names form the world's leading suppliers
- “Acer”, “Intel”, “Seagate”, “Samsung”, “Sony” and “Western Digital”.
Currently the company employs 330 people. “ELKO Group” is owned by several
private investors, as well as “East Capital” and “Amber Trust” investment funds
Further information:
Svens Dinsdorfs
CFO
ELKO Group
e-mail: svens_dinsdorfs@elkogroup.com
