19 January 2018, Friday, 14:19

Chyzh’s company – one of the leaders of Latvian business


The biofuel manufacturer Mamas D became one of the most fast-growing companies in Latvia in terms of turnover.

80% of the business belongs to the Belarusian company Neonaphtha, Ezhednevnik reminds.

The savour of the situation is that Neonaphtha is named one of the business assets belonging to Youry Chyzh, a businessman put in the black list of the European Union.

The turnover of Mamas D in 2011 was 47.7 million lats and compared to 2010 it grew almost 3.5 times (from 13.44 million lats). The revenue of the company, which is the largest manufacturer of biofuel in Latvia, grew from 572.5 thousand lats in 2010 to 881.1 thousand lats in 2011. For comparison: in 2009, which is before the appearance of a new shareholder Neonaphtha, Mamas D was unprofitable. The loss was 232 thousand lats at the time.

The positive dynamics related to the appearance of the new shareholder allowed Mamas D to take the 169th position in the top-501 Latvian companies already in 2010. The rating was made by the DELFI web-resource based on the data by Crediweb.lv. In 2011 the business was already at the 67th position (http://rus.delfi.lv), overpassing such local brands as Latvijas Pasts (national provider of postal services), Сesu Alus (the largest beer manufacturer, which is a part of Olvi together with Belarusian Lidskae Piva), Cido Grupa (leader in the niche of non-alcoholic soft drinks), Rigas Piena (the largest dairy company) and many others. Moreover, DELFI included Mamas D in a special top-20, where the most prominent rises of the previous year are mentioned.

Mamas D was founded in 1994, but was not noticeable with anything before the Belarusian shareholder joined the business. According to Latvian media, Neonaphtha bought 80% share of the company in 2008, another 20% went to a famous local oil trader Aliaksandr Grakhouski.

Before March 2012 Neonaphtha was one of the companies of the multi-profile  holding Traipl. On the official web-site it was mentioned as one of the structure of the oil and gas subdivision of the industrial group.