STIGA RM Group strengthens its leading position – turnover approaches EUR 100 million in 2024
In 2024, STIGA RM, one of the leading timber companies in Latvia, and its four affiliated group companies* strengthened their position in both the domestic and international markets, achieving a consolidated turnover of EUR 97 million. The Group’s profit was EUR 10 million and EBITDA exceeded EUR 20 million, demonstrating solid profitability and an efficient operating model, even in a changing market environment. Last year, the Group’s companies paid EUR 9 million in taxes to the state budget and employed more than 613 people in the Kurzeme and Zemgale regions.
2024 is the first reporting period for which a consolidated annual report at the level of the holding company Stiga RM Pārvaldība has been prepared, reflecting the change in the legal structure of the Group at the beginning of last year.
“The last year has shown how important it is to maintain a strategic view of development, even when market dynamics are unpredictable. We used the opportunities of previous years as a basis for further investment and we are seeing the fruits of this approach now that we are able to operate successfully and profitably in a turbulent environment. This year our priority is to continue our growth and strengthen the sustainability of the company,” says Andris Ramoliņš, owner and Chairman of the Management Board of STIGA RM.
Despite uncertain global markets, Stiga RM maintains its long-term goal of being a competitive, technologically advanced and sustainable industry leader. Investing in productivity, innovation and forest resource development are strategic choices that allow companies to respond flexibly to market changes while building a foundation for sustainable growth in the future.
Investing in development in Kuldīga, Tukums and Ogre
Last year, the Group implemented a major investment programme worth EUR 37 million. The modernisation of the Kuldīga plant continued with the construction of new production facilities, the introduction of energy-efficient technologies and the expansion of production capacity and the product range.
“Throughout last year and this year, the Kuldīga birch plywood plant has been undergoing extensive construction and modernisation work, implementing a EUR 22 million investment programme. But at no point was production stopped – it was a big challenge and we met it perfectly. Already this year, we are seeing how this is starting to pay off in terms of labour capacity and income growth. For this, I would like to especially thank the Stiga RM team – both our long-standing professionals and the new colleagues. It is their enthusiasm, competence and attitude that has given the company a strong breakthrough and allowed us to firmly establish ourselves in the premium birch plywood segment,” emphasises A. Ramoliņš.
The Wood Wool Cement Board plant in Tukums has also completed major construction work and is scheduled to open later this year.
In parallel, the acquisition of the sawmill “Norupe” has been completed and work has started on a new wood processing plant in Ogre. The development of this plant is the first step of our company beyond the Kurzeme region. A modern, high-tech birch plywood production plant is currently being built on the site of the former sawmill, as part of Stiga RM’s investment programme this year. The plant will be built over several years, with public co-financing.
Forest acquisition strategy – the road to self-sufficiency
Last year, Stiga RM actively continued to acquire forest land, procuring approximately 1,000 hectares and bringing the total area under management to more than 12,500 hectares. Investments in this area amounted to almost EUR 6 million. This strategy allows the company to secure a stable supply of raw materials and take greater responsibility for sustainable forest management.
By developing a full production cycle and creating products with high added value, STIGA RM is convinced that Latvia can become an international model for the modern and sustainable development of the forest industry. Local resources, professional expertise and bold long-term thinking, complemented by cooperation with the state and regions, are essential to building this ecosystem.
* Stiga RM group consists of six companies: SIA Stiga RM, SIA Stiga RM Nami, SIA Stiga RM Distribution, SIA Stiga RM Transports, SIA Stiga RM Metāls, and SIA Stiga RM Mežs. This Communication summarises the collective performance indicators of Group companies, except SIA Stiga RM Mežs. Further information on the activities of each company is available on the company website: https://stigarm.lv/lv/par-mums/.