Summary of AS VIRŠI-A operational activity and other developments for the nine-month period of 2024
In the first 9 months of 2024, energy commodities trader and convenience store network Virši (AS VIRŠI-A and related Group companies) continued to show an increase in turnover, reaching EUR 289.3 million and representing an 11.9% increase compared to the previous corresponding period.
Turnover in the convenience stores increased by 16.9% or EUR 6.1 million. Turnover in the fuel segment increased by 9.5% or EUR 19.5 million, reaching EUR 224.4 million. In the energy segment, turnover increased by 32.9%, or EUR 5.0 million, reaching EUR 20.2 million.
The third quarter was marked by several important events:
-
Taking the next step towards achieving its strategic goals Virši, in cooperation with project partners signed an agreement with the European Energy Efficiency Fund (EEEF) to secure funding for the development of a biomethane production plant in Latvia. As part of this initiative, the EEEF will provide a long-term loan to support the plant's development, which will enhance Latvia's renewable energy capacity. The total cost of the project is estimated at more than EUR 15 million, of which EEEF funding is EUR 12 million. on September 17, Virši acquired 20% of the shares of SIA Livland Biomethane. Chairman of the board of Virši Jānis Vība emphasizes that Virši plans to increase the ownership in the long term, thus becoming the largest participant;
-
The Company commenced operations in Lithuania – the first service station was opened near the city of Marijampole, on the A5 highway. The location Virši Marijampole is the first step in strategic development abroad and enhances the infrastructure of the specific region and promotes traveller comfort;
-
The Company signed a loan agreement with AS SEB banka for the amount of EUR 7 million with an interest rate of 1.3% + 3 month EURIBOR and maturity in July 2029. The Company plans to use the loan proceeds to continue implementing its strategic plan in 2024 and 2025, which foresees further expansion of the service station network in Latvia;
-
Continuing the development of the network in Latvia, Virši opened two full-service stations – Virši Valmiera 2 and Virši Lauva (in Riga). Additionally, construction is ongoing for three more locations, which are planned to open in the fourth quarter of this year;
-
Roll-out of the electric vehicle charging station network continued with the support of the European Union Alternative Fuel Infrastructure Financing Instrument (AFIF). In the third quarter, five charging stations were installed (Virši Tukums Valdaiši, Virši Grenctāle, Virši Brīvība, Virši Arkādijs, Virši Valmiera 2), which together provide 16 new charging points. A total of 65 charging points have been constructed across all 22 locations, of which 28 have a capacity of 160 kW.
-
During the reporting period, investments made in strategically significant projects amounted to EUR 17.5 million, aimed at strengthening the Company’s market position and ensuring long-term growth;
-
As part of the improvement of electricity service offerings, Virši announced that customers have access to the support of the Protected Consumer Trading Service, designed to reduce the electricity bill amount per contract.
|
|
Consolidated, unaudited data for 9 months 2024 |
Consolidated, unaudited data for 9 months 2023 |
Change, % |
|
Turnover in convenience stores (‘000 EUR) |
42 577 |
36 433 |
16.9% |
|
Turnover in fuel segment (‘000 EUR) |
224 433 |
204 920 |
9.5% |
|
Turnover in energy segment (‘000 EUR) |
20 175 |
15 176 |
32.9% |
|
Other (`000 EUR) |
2 118 |
2 024 |
3.9% |
|
Total (`000 EUR) |
289 302 |
258 554 |
11.9% |
The shares of AS VIRŠI-A are admitted to trading on Nasdaq Baltic First North Market.
The certified adviser for AS VIRŠI-A is the Law Office Eversheds Sutherland Bitāns.
Virši is a rapidly growing local energy commodities trader and convenience store network with 29 years of experience. Currently, Virši has 83 sales points, 80 of which are service stations, and employs more than 850 people across Latvia. Since 11 November 2021, the shares of AS VIRŠI-A have been listed on the Nasdaq Riga First North Alternative Market.
Contact information:
AS VIRŠI-A
Undīne Priekule
E-mail: undine.priekule@virsi.lv
Telephone: +371 26141219
Certified adviser:
ZAB Eversheds Sutherland Bitāns SIA
Justīne Ignatavičute
E-mail: justine.ignatavicute@eversheds-sutherland.lv
Telephone: +371 28665066
|
