In the first half of this year, JSC Riga Shipyard operated with a turnover of 1.128 million euros, which is 20.7% more than in the first half of 2023. At the same time, the company's losses increased by 24.5% and reached 137,664 euros, according to the data provided by the company to the Nasdaq Riga stock exchange. The management's financial report states that in 2023, due to the change in the market situation, the demand for the use of assets owned and leased by Riga Shipyard increased, therefore the company will concentrate its activities in 2024 on the management and leasing of its own and leased real estate. The report also notes that Riga Shipyard will no longer provide shipbuilding and repair services from 2022. The management report also notes that the sale of fixed assets allowed to cover a significant portion of liabilities, thereby reducing the company's dependence on borrowed capital. "The company's operating activities are expected to expand in the coming periods, which will improve its ability to cover its short-term liabilities with working capital," the management report says. In the first half of 2023, Riga Shipyard operated with a turnover of EUR 933,925 and had a loss of EUR 110,571. In 2022, Riga Shipyard (Rīgas kuģu būvētava) operated with a turnover of EUR 1.675 million, which is 20.1% less than in 2021, and also earned a profit of EUR 1.007 million, in contrast to the loss a year earlier. The company's audited report for 2023 has not yet been published. In August 2019, the Vidzeme City Court of Riga approved the plan of action for the legal protection process of the plant, setting a two-year deadline for its implementation, but in May 2020, the plan was amended, setting the implementation period for four years. In January 2021, the Vidzeme Court decided to extend the implementation period for the plan to five years – until mid-2024. The largest shareholder of the company is Remars-Rīga, a part of the Euroholdings concern. The company's shares are listed on the second list of Nasdaq Riga.
