Private sector natural gas supplier Eesti Gaas made €25.9 million in profit in 2021, up from €17.7 million the year before, the company has announced. Its revenue grew by 96 percent in Estonia during that time, and rose in all the main countries it operates in, while revenue on electricity sales rose 170 percent.
Overall turnover more than doubled, from €182.4 million to €380.9 million.
Owned by holding company Infortar, Eesti Gaas' main activities are the supply of natural gas, compressed gas, liquefied natural gas (LNG) and also electricity.
Most of Eesti Gaas' sales revenue lasted year was earned in Estonia, and grew by 96 percent, to €207.2 million.
Eesti Gaas 2021 operating profit before depreciation rose by 35 percent, to €37 million, the company reports.
Eesti Gaas says it will not pay out dividends this year.
Eesti Gaas 2021 financial report quick facts:
- Sold 11.8 TWh of energy, over 70 percent of which was on foreign markets.
- Natural gas sales accounted for 82 percent of revenue.
- Invested €7 million in fixed assets, a rise of eight percent on year before.
- Investment areas concern mainly the natural gas distribution network, solar energy production and compressed gas filling stations.
- €152.7 million earned from sales in Finland, around €100 million more than the year before.
- Sales revenue from Lithuania was €64.5 million, compared with €4.5 million in 2021.
- Revenue in Latvia rose from €10.1 million to €28.7 million.
- Consolidated income from the sale of electricity up 170 percent on year to 2021, to €15.9 million.
Editor: Andrew Whyte