International edition
September 16, 2021

In a recent survey published by a local economy magazine

Novomatic subsidiary named as most dynamic company in Latvia

(Latvia).- In a recent top-101 survey of the Latvian economy magazine “Kapitāls” published October 2007, Alfor SIA, a subsidiary of the Novomatic Holding Austria, ranged at number 15 of the most valuable Latvian companies. Moreover, with an annual growth rate of 252 percent Alfor SIA emerges as the most dynamic company of the Latvian economy.

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n the top ranking of the established Latvian trade journal Alfor SIA is in the exclusive company of banks, telecommunications companies, energy suppliers and logistics companies.

The ranking is based on business data derived from the fiscal year beginning with January 1st, 2006 and ending with January 1st, 2007. In this period of time Alfor SIA was able to raise its business value by 252 percent, a figure that manifestly signifies the economic success of the company in the growing Latvian gaming market as the most dynamic company.

With about 1,000 staff and 135 electronic casinos Alfor reached a turnover of 60 million euros in 2006. The company's new regional headquarters near the Riga Airport were built with an investment of 5 million euros and offer amongst others highly modern offices for 100 staff.

DI Ryszard Presch, Vice-President of the Board of Directors, Novomatic, is proud of the success in Latvia: “This business ranking confirms our strategic investments in the Baltic states and especially in Latvia. It is great to see our subsidiary rise from rank 18 last year to 15 in this year's economic survey. We are above all proud of the achieved annual enterprise value growth of 252 percent which designates Alfor the most dynamic Latvian company. I extend my congratulations to the Latvian Alfor team and say thank you for the great job they have done.”

Novomatic gaming equipment are absolute top-export products to Latvia and head the foreign trade statistics. According to Novomatic CEO Franz Wohlfahrt the exports of the subsidiary Austrian Gaming Industries GmbH (AGI) in 2006 to Latvia alone exceeded 20 million euros.

Constant investments are proof of a long-term commitment and further expansion plans in the region: in Latvia 39 million euros have been invested up to mid 2007, in Estonia (with 100 staff) 7 million euros and in Lithuania (with 25 staff) 8 million euros. By July the group has employed more than 1,000 staff. Today the Novomatic group operates a total number of 5,100 gaming machines in the three Baltic states.

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