In 2024 the “Latvijas Finieris” group achieved a record volume – 309 thousand cubic metres of plywood products (296.6 in 2023). This is the highest result in the company's history, and it confirms not only the stable global demand for the birch plywood it produces, but also the ability of “Latvijas Finieris” to remain competitive in changing market conditions through purposeful, high-quality and efficient work.
The group's turnover in 2024 reached EUR 409.0 million (EUR 404.8 million in 2023). Net profit was EUR 57 million (EUR 55.6 million in 2023). The group's EBITDA, meanwhile, reached EUR 82.2 million (EUR 78 million in 2023).

92% of birch plywood products were sold in 56 export countries outside Latvia. This was delivered under the “Riga Wood” brand by 12 product development and sales companies.

“The situation in the plywood markets last year was difficult. Even so, in these conditions “Latvijas Finieris” was able not only to retain its market share but even to increase it. That is the result of a long-term owners' policy – of investing purposefully in the company's growth and building its overall reputation as a reliable partner. Relationships with customers and mutual trust ensured steady demand, which the production units were able to meet on time. Demand for thin, high-quality birch plywood almost exceeded our production capacity, but the work done on production efficiency and work organisation, together with investment in modernising production, substantially improved our efficiency and performance,” says Jānis Ciems, Chairman of the Board of AS “Latvijas Finieris”.

In Europe and elsewhere in the world, the companies of the “Latvijas Finieris” group employed a total of 2,513 people in 2024, of whom 2,167 worked at the group's companies in Latvia. Investment in employees, in a safe working environment for them and in a culture of good relationships has been recognised: in the “TOP Employer 2024” survey organised by the recruitment company “Alma Career Latvia” together with Firmas.lv and the International Business Services Association, AS “Latvijas Finieris” was named the best workplace in Latvia.

In total, the group paid EUR 40.2 million in taxes last year, of which EUR 29.2 million was paid in Latvia.

“We are in the second stage of the group's strategic plan, in which the main focus is on long-term competitiveness – building support flows for the core business and securing the profitability that allows us to concentrate resources and plan development in that core business. To carry this out successfully, we need to improve our communication with employees, the public and decision-makers on matters that are important to the group, to the industry and to the security of the region in Europe. A strong economy is the foundation of every country's prosperity, and the work of “Latvijas Finieris” clearly illustrates that principle: by promoting exports, innovation and sustainability, it contributes not only to its own growth but to the growth of the whole Latvian economy.”

Several significant investment projects were completed in 2024, for example the construction of the “Kuldīgas fabrika” veneer plant, and the new metalworking workshop building at the Equipment Factory was finished. This year the new complex of wooden buildings at the “ZĀBAKI” tree nursery was opened. Construction of the resin plant continues. The expansion of the “VEREMS” plant is expected to be completed. Development projects are also planned at the “Sastamala” plant in Finland and the “Kohila Vineer” plant in Estonia.

For several years now “Latvijas Finieris” has been working actively with international and national institutions to improve market transparency and curb the circulation of illegal products.

“We maintain close cooperation with the European Commission, the European Panel Federation and the responsible Latvian authorities, regularly analysing market data and information on the origin of wood. In 2024 this cooperation enabled the Latvian institutions to achieve substantial progress – imports of illegal plywood into Latvia fell 30-fold compared with the previous year. The problem nevertheless persists in other EU countries, where such wood products are imported and then forwarded to other member states of the European Economic Area,” says J. Ciems.

Given the growth in production and its ambitious development plans, “Latvijas Finieris” is working purposefully towards sourcing roughly half of the veneer logs the group needs from outside Latvia within the next few years. Equally important, however, are the group's investments in the land and forest properties it manages itself. In 2024 “Latvijas Finieris” invested EUR 15.2 million in acquiring forests and land covering almost 3,000 ha. In total, the group manages 876 properties covering 14,751 ha.

“Mainly this is the “forest of the future”, which we plant and tend with an eye to
the coming decades,” stresses J. Ciems, adding that for “Latvijas Finieris” forest management is a long-term strategy.

“Our methods show that a balance between sustainability and commercial activity is possible. We are among the leaders in regenerating forests after felling, afforesting agricultural land that is no longer in use, establishing plantations and more.”