“VMG Wood Invest” sales reached 325 million euros last year

The consolidated sales of “VMG Wood Invest” in the wood processing and furniture manufacturing sector grew by 1% in 2023, reaching 325 million euros, with gross profit more than doubling to 51.5 million euros.

The company’s ability to maintain sales growth last year was driven by nearly double the revenue growth from wood particle board production. In contrast, revenue from furniture sales declined by about 14% during the same period due to a general drop in consumption and high raw material costs.

According to “VMG Wood Invest” director Ingrida Grikpėdienė, maintaining the overall sales level was a result of timely investments in production cost optimization and a focus on a long-term strategic perspective.

“We plan to achieve similar results for the current year. Additionally, this year we are consistently continuing to invest in production safety, quality, and efficiency. We are observing positive signs of gradual consumption recovery, but the most challenging issue remains the cost and supply of raw materials,” says the company’s director.

Last year, the VMG group opened a new case furniture factory in the Akmenė Free Economic Zone, with investments in this industrial facility exceeding 82 million euros. The factory is expected to create about 600 new jobs in the near future.
This factory is connected to one of the most powerful wood particle board plants in Europe, which has been operating in the same location since 2020, with investments in it already exceeding 150 million euros.

The VMG group operates in five strategic areas: wood processing and the production of sustainable wood products, renewable energy, industrial innovations and technology, the production of engineered wood structures, and the management of infrastructure and industrial real estate.

More than 90% of the company’s production is exported to over 40 countries worldwide.