LATRAPS Reached €167 Million in Turnover for Six Months and Makes First Coupon Payment to Bondholders
The past six months have been pivotal for LATRAPS LPKS in executing its strategic development plans. As the largest agricultural cooperative in the Baltics, fully owned by Latvian farmers, LATRAPS has continued to enhance its competitiveness and foster sustainable growth. According to the unaudited six-month Financial Statements, the turnover for the period amounted to €167 million, with a profit of €4.12 million.
Also, last November, the cooperative issued bonds with an interest rate of 7.5%, which were listed on the Nasdaq Baltic First North Market earlier this month. At the end of the first quarter of 2025, LATRAPS made its first coupon payment to bondholders.
“LATRAPS has successfully implemented its strategic development plans, including completing first public bond offering. The loyalty of the cooperative’s members and high investor demand reflect public trust in the cooperative’s long-term growth and the stability of the agricultural sector. As a result of the bond issue, LATRAPS has gained the support of over 300 investors alongside its 1,220 members, significantly contributing to the implementation of its growth objectives. This support strengthens the cooperative’s competitiveness and promotes the position of the Latvian agricultural sector on the global market,” accentuates Roberts Strīpnieks, Chairperson of the Management Board of LATRAPS.
In addition to significant profits, the cooperative notes that from 1 July to 31 December last year, grain was produced not only for domestic consumption in Latvia but also exported to over 30 countries worldwide. Significant investments have been made in the Madona primary processing complex, enhancing the cooperative’s capacity. Furthermore, by issuing bonds and attracting the strategic investor Pfeifer & Langen International BV, the most ambitious project of recent years was launched in December — the construction of a pea protein isolate production plant in Jelgava (ASNS Ingredient SIA). This will be the first plant of its kind in Latvia and Northern Europe to incorporate innovative technologies that will enhance the production process and make it more environmentally sustainable.
Currently, active construction work is underway in Jelgava, and most of the buildings of ASNS Ingredient are scheduled for commissioning by the end of summer 2025. Land reclamation and surface transformation works have already been completed, and construction of the foundations and structures has begun. The first building — a warehouse for finished products — is expected to be completed in May. The other premises in the plant complex will be allocated for production processes, with construction scheduled for completion by the end of the summer. From April, the ordered equipment will start to come in. Assembly work at the plant is expected to begin by the end of summer 2025 and continue until autumn 2026, with the perspective of launching the plant in 2027.