CleanR Grupa begins 2023 with EUR 21.7 million turnover
AS CleanR Grupa (Group) has reported a EUR 21.7 million turnover in the first three months of 2023, achieving an increase of 37% year over year, informed Juris Gulbis, Chairman of the Board at CleanR Grupa.
At the same time, EBITDA has increased by 61% to EUR 3.6 million, and the Group has maintained a strong equity position of 52%.
“Last year, we laid the groundwork for this to be a year of growth by investing in technology and infrastructure. In January 2023, CleanR Verso, a Group subsidiary company, opened its new materials recovery facility, thus doubling its production capacity and increasing the amount of certain sorted materials over 20 times. In March 2023, CleanR, the Group’s largest company, opened the Baltics’ most modern plastic recycling plant in the Ķekava municipality, giving a possibility to process composite materials that until now could not be recycled in Latvia,” told Gulbis.
CleanR Verso’s materials recovery facility received a cash injection of EUR 1.2 million, while CleanR’s plastic recycling plant attracted an investment of EUR 5.4 million—65% being the company’s own funds, with EUR 1.26 million coming from the EU’s Cohesion Fund.
“At the beginning of this year, CleanR expanded its municipal waste handling area by signing contracts with the rural territories of Garkalne and Ropaži in the Ropaži municipality. As of 1 July 2023, CleanR will be the only municipal waste manager entitled to provide services all over the newly established Ropaži municipality,” explains Gulbis.
In Q1 2023, the Group’s gross profit increased not only because of modernization but also due to the drop in energy costs at the start of 2023. Compared to the first quarter of 2022, the Group’s gross profit has increased by EUR 1.9 million, while profitability has risen by 5.5. percentage points, amounting to 17.7%.
This year, the Group published its first Sustainability Report, becoming the first environmental services company in Latvia to report on its sustainability performance prior to the official obligation set forth in the EU’s Corporate Sustainability Reporting Directive to do so as of 2025. This has initiated annual sustainability reporting at CleanR Grupa, informing the Group’s stakeholders and society of the Group’s progress in achieving its sustainability targets.
“The Group’s companies lay the foundation of Latvia’s circular economy, primarily because of strict sustainability standards we apply in our daily operations,” emphasizes the Group’s Chairman of the Board.
CleanR Grupa is the only environmental services company in Latvia to have earned a spot in Latvia’s annual TOP 50 Employers ranking compiled by CV-Online, the leading recruitment firm in the country.
This recognition reflects the Group’s care over its employees and responsibility in building a growth-oriented workplace, as employees are the most valuable assets of the Group’s companies.
As reported, 2022 was a year of corporate reorganization for the Group. As a result, several business functions were separated and set up as independent Group subsidiary companies. The focus of the new companies is on retention of existing clients and attraction of new ones, investment in modernization of infrastructure and automation of services to offer high quality services in the industrial waste management un urban maintenance sectors.
About AS CleanR Grupa
CleanR Grupa operates the leading companies in the environmental services sector in Latvia. CleanR Grupa includes SIA CleanR, a municipal waste management company, SIA CleanR Verso, an industrial waste management company, SIA Zaļā josta, an extended producer responsibility system provider, and environmental services companies: SIA Vizii, a cleaning company, SIA Vizii Urban, an urban environment management business, and SIA Vizii Domus, a property management brand.
CleanR Grupa looks after more than 50 thousand customers all over the country, serving half a million Latvian people daily. The Group offers highly digitized environmental services, provides high-quality customer care, and demonstrates leadership in the pursuit of suitability and climate neutrality goals.
For further information, contact:
Agita Baltbārde
Chief Officer for Corporate Affairs and Sustainability
[email protected] | +371 29 133 073
