Financial information
Interim annual report for the 12 months of 2023

Liepāja, Latvia


The group of companies finished the year 2023 with a consolidated turnover of almost EUR 69 million, an EBITDA of EUR 9.23 million and a net profit of more than EUR 2 million.

The presented results for the period 01.01.2023 – 31.12.2023 provide excellent perspectives for further development of the company and reflect the return on already made investments. Within the latest round of investments, supported by CFLA and BlueOrBank, the factory in Liepāja was substantially expanded by additional production lines for the production of non-woven material, feminine hygiene products and dry wipes. By the investments company has deepened its vertical integration, enabling higher profit margins, unprecedented levels of service for customers, introduction of new materials and expansion into new markets. Additionally, the company’s production facilities in Liepāja and near Warsaw continued the production of existing cotton and linen product lines, paying particular attention to the further optimization of expenses and sales prices.

The bond issue in December 2023, in collaboration with Signet Bank and TGS Latvia, alongside with the ALTUM AKF mezzanine loan received at the end of 2021, enables the company to release working capital for development and marks the initiation of capital market utilization.

Financial result overview:

  • Consolidated turnover: EUR 68.8 million – slightly higher than in FY22.
  • Gross profit: EUR 19.3 million compared to EUR 11.6 million in FY22 (+66%).
  • EBITDA: EUR 9.2 million.


iCotton is a Latvian manufacturing company founded in 2011 in Liepāja and has emerged as the leading producer of cotton and hygiene products in the Baltics. The iCotton group also includes the Polish company Harper Hygienics. The company group produces a diverse range of products, including cotton buds and pads, absorbent pads, wet and dry wipes, and feminine hygiene products. The primary brands of the group are Cleanic (beauty and hygiene products), Kindii (children’s products), and Presto (household cleaning products), which enjoy significant recognition in the Polish market.

The company group operates production facilities in Liepaja spanning an area of 9,000 m2 with 11 production lines, and in Warsaw, Poland, covering a production area of 13,200 m2 with 44 production lines. In 2023, the iCotton group achieved a turnover of 69 million EUR, with 45% attributed to the local markets (Baltic and Polish) and 55% to export markets within the EU and other countries.


Jānis Bormanis
Member of the Supervisory Board
Phone: +371 2 9450929
E-mail: [email protected]