Infortar turns profit of €294 million

Infortar, one of the largest companies in Estonia, grew its asset volume to €1.46 billion, turnover to €1.085 billion and profit to €294 million last year.
The group's business volumes doubled, and net profit tripled, with the company's board proposing to pay shareholders dividends of €3 per share, totaling a record nearly €61 million.
The dividend consists of three parts – the minimum €1 per share promised at the time of the IPO, the dividend carried forward from Tallink, which is also €1, and an additional €1 special dividend resulting from last year's record financial results. The dividend represents 42 percent of Infortar's current net profit.
"All three of our sectors performed well, and we set top marks in all indicators. We were one of just a few energy companies in the region that managed to boost volumes also in the conditions of stabilized energy prices," Infortar CEO Ain Hanschmidt said.
Infortar's main sectors of activity are energy, shipping and real estate, with over 80 percent of the group's revenues coming from foreign markets. Infortar's largest investment last year was the acquisition of Gaso, which owns the Latvian gas distribution network.
In the energy sector, the group entered the Polish market and the Latvian home gas market last year, expanded green gas production in Estonia with partners in the second half of the year, and started construction of the first solar power plant in Latvia. At the end of the year, Infortar won, together with the Finnish national gas company, the supply competition for the Inkoo terminal in Finland for the winter.
The group's electricity and gas sales volumes doubled in 2023, reaching a total of 15.9 terawatt-hours in Finland, Estonia, Latvia, Lithuania, and Poland.
In shipping, Infortar continued to increase its stake in Tallink, reaching 42.3 percent. In the real estate sector, Infortar companies started major projects last year, including the construction of the Rimi logistics center, the new bridge in Pärnu, and the expansion of the Tallink logistics center.
Since the end of last year, Infortar's shares have been listed on the Tallinn Stock Exchange.
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Editor: Karin Koppel, Marcus Turovski