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For the media

AS VIRŠI-A increases its net sales by 60% in the first half of 2022

Upon showing convincing results, the domestic trader of fuel and alternative energy sources, Virši (AS Virši-A and related group companies) closes the first half of 2022 and reaches net sales of EUR 155 million, which is 59.8% or EUR 57.9 million increase, when comparing with the first half of 2021. While net profit of the Company reached EUR 5.6 million.

 

The EBITDA indicator of the Company reached EUR 6.6 million, which is a 47.6% increase compared to the first half results of 2021.

The total investments of the Company in the first half of 2022 increased by 117.2% or more than EUR 4.8 million in comparison with the comparable period of 2021 and reached approximately EUR 9 million. 

 

A significant part of the investments is aimed at further expansion and modernisation of the Company's network of fuel stations. In the first half of 2022, the network was expanded by 3 more filling stations located in Riga – at Ulmaņa gatve, in Torņakalns and at Satekles iela. The Company continued to make investments and promote the availability of compressed natural gas (CNG) in the market, as well as within the framework of strategic development, the Company envisages a significant role for electricity and related products. The Company has started active cooperation with more than 30 Latvian electricity producers, whose energy sources are water, sun, biomass, biogas, and performs activities that improve the Company's efficiency and profitability in the wholesale electricity market. Substantial efforts are being directed to the development of an electricity trading offer to households, which is planned to be introduced during the first six months of 2023.

 

‘In the first half of 2022, the processes of the Company were inevitably affected by the war in Ukraine caused by Russia, its impact on the energy sector and the general uncertainty related to it to continue to dictate the rules in the Company's daily operational processes. We have evaluated the existing customers, suppliers and business processes, and despite the challenges, the Company's performance results are stable, although there is still uncertainty about the future actions of the neighbouring country and the energy market strategy in the region, as well as the impact of other consequences of the war in the future,’ emphasises Vita Čirjevska, Member of the Board of Virši.

 

The Latvian economy continues to have a tense situation in the labour market, where the supply of vacancies in the retail sector significantly exceeds the demand. Accordingly, in the first half of 2022, the Company has made the well-being of the staff a priority, improving the offer of Virši as an employer to attract and retain the workforce in the long-term perspective.

 

‘Despite the uncertainty in the development of economics and the energy market observed this year, the company has had a successful first half of 2022. In the operation of the Company, we have been able to quickly adapt to the new geopolitical reality and have continued to purposefully implement our strategic development plan both by expanding the network of Virši fuel filling stations, by continuing to strengthen our positions in the energy market, as well as by developing projects necessary for the long-term sustainability of the national transport industry,’ explains Jānis Vība, Chairman of the Board of Virši. 

 

During the first five months of 2022 retail sales of fuel in Latvia increased by 2.2% in terms of tonnes of fuel sold, and operations of Virši increased by 8.9%. The turnover in convenience stores increased by 22.1% or EUR 3.3 million. The net profitability of the Company has increased to 3.6% (in 2021: 2.7%).

 

The full unaudited financial report of AS Virši-A for first half of 2022 is available on the Company's website.

 

Jānis Vība, Chairman of the Board, and Vita Čirjevska, Member of the Board of Virši, will provide more information about the unaudited financial report for the first half of 2022 at the virtual conference on 12 August at 10:00 (in Latvian) and 11:30 (in English).

 

To participate in the virtual conference in Latvian, please apply in advance by registering: https://nasdaq.zoom.us/webinar/register/WN_vVMAwqMuRtaxOmJf8IesXQ

To participate in the virtual conference in English, please apply in advance by registering: https://nasdaq.zoom.us/webinar/register/WN_5nHyx-p4RY6QVSizJonKuA


About Virši: 
AS VIRŠI-A is the largest and fastest growing domestic fuel and alternative energy trader with 27 years of experience in the Latvian fuel trade sector. Since 2021, AS VIRŠI-A offers electricity trading services to the business segment. In addition, it offers electricity produced in Latvia and only from renewable resources. 

 

Today, the AS Virši-A network has more than 68 service stations and employs more than 690 people across all regions of Latvia. Since 11 November 2021, the shares of AS VIRŠI-A have been listed on the Nasdaq Riga First North Alternative Market.

 

Additional information:
Undīne Priekule
AS Virši-A communication manager
Phone: 26 141 219
E-mail: undine.priekule@virsi.lv 
www.virsi.lv