Natural gas market leader Eesti Gaas saw its revenues nearly triple, from just over €380 million to over a billion euros, according tot he company's 2022 financial report just issue. Profits also more than tripled.
Eesti Gaas belongs to the holding company Infortar.
High energy prices and energy price volatility was the main driver behind the growth.
Eesti Gaas' Earnings before interest, taxes, depreciation (EBITDA) rose by 212 percent, to €113.4 million, last year, excluding one-time effects, the report states.
Eesti Gaas' consolidated net profit also more than tripled, from €25.9 million to €95.2 million, between 2021 and 2022.
Margus Kaasik, Eesti Gaas board chair, stated in the company's annual report that the market has managed despite the turbulent times and the price of gas is stabilizing.
Kaasik said: "When favorable circumstances converge, it cannot be ruled out that the market price of gas will remain below €60 per MWh longer, for instance some estimates put that to next spring."
This figure was still not as low as would have been hoped, he added.
In 2022, Eesti Gaas' took in €890.2 million in sales of natural gas; €67 million from the sale of electricity.
Eighty-eight percent of the company's revenues derived from the sale of natural gas, plus almost 7 percent from the sale of electricity.
Most of the overall Eesti Gaas sales revenue derived from customer contracts in Estonia (46 percent), Finland (31 percent), plus smaller proportions from Latvia and Lithuania.
Margus Kaasik added in the report, however, that it can be observed that natural gas as a whole is becoming competitive once again, while in the meantime, industrial companies that had been using alternative fuels, are returning to that fuel source.
Eesti gaas' need for working capital also risen, and short-term working capital loans and overdrafts were used to finance these.
Eesti Gaas made investments of €5.6 million in 2022, 20 percent down on year.
The largest investments were made in the gas distribution network, at €2.3 million.
The company invested less in IT development and the expansion of its CNG filling stations network.
Eesti Gaas says it is planning investments in the gas distribution network and also solar energy production this year.
Eesti Gaas payroll fell by 31 employees, to 208 people, in 2022.
The company paid dividends of €10.8 million and projects dividends of €10 million for this year. In 2021, Eesti Gaas did not pay out dividends.
Editor: Andrew Whyte, Barbara Oja