The energy commodities trader and convenience store network Virši (AS VIRŠI-A and its affiliated Group companies) achieved a turnover of EUR 380.6 million in 2024, reflecting an 11% increase compared to 2023. The Company's unaudited consolidated profit for 2024 reached EUR 4.8 million, while EBITDA stood at EUR 13.7 million. To strengthen its market position and ensure long-term growth, investments in strategically significant projects rose to EUR 23.3 million in 2024.
In 2024, Virši successfully continued implementing its development strategy, which focuses on expanding and modernising the service station network while ensuring consistently high-quality products and services for its customers. The Company's total investments in 2024 have increased, reaching EUR 23.3 million, which represents a 38.5% growth compared to 2023.
"Despite challenging market conditions, the past year has been a year of significant investments, securing the Company's long-term growth. We have continued to significantly increase market share in our core business segments by opening 10 new sales locations and modernising the existing service station network. To further diversify our business model, in 2024, we carried out extensive planning and preparation to commence the construction of a biomethane production facility. Biomethane production is expected to start in the first half of 2026. Additionally, we have become the fourth-largest electricity supplier for households and will actively continue working on developing this segment," emphasised Janis Viba, Chairman of the Management Board of Virši.
Convenience store sales in 2024 accounted for 49.8% of gross profit, totalling EUR 20.5 million, which represents an increase of EUR 3.4 million (20.0%) compared to 2023. This growth was driven by an increase in turnover and profitability, a high-quality and diverse product assortment and diversification of sales channels. The second-largest business segment - fuel product sales - generated EUR 19.7 million in gross profit, exceeding the 2023 results by EUR 2.9 million (17.1%). Despite intense competition and market price fluctuations, Virši continued to expand its market share, further developing its service station network, strengthening brand recognition and enhancing customer loyalty. The third business segment - energy - achieved EUR 574,000 in gross profit in 2024. This segment continued to serve and expand its business customer portfolio, while also developing its consumer portfolio, initiated at the end of 2023. Additionally, the Company continued to increase both the volume of electricity sold to consumers and purchased from producers.
With the rapid expansion of the service station network, Virši also experienced a significant increase in workforce. By the end of 2024, the Company employed more than 900 people across all regions of Latvia, and the Virši network consisted of 85 sales locations, including 82 service stations.
To ensure compliance with the new European Union sustainability reporting requirements, Virši conducted an external expert assessment in early 2024 to evaluate its adherence to the European Sustainability Reporting Standards (ESRS). Additionally, the Company carried out a double materiality analysis to identify its most relevant sustainability topics, risks, and opportunities. In 2024, Virši actively worked on developing its sustainability strategy and defining its key performance indicators, evaluating the Company's environmental and social impact in both the medium and long term.
The full unaudited consolidated financial report for 2024 and the Sustainability Report are available in the attachment and at www.virsi.lv.
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 Bitans.
Virši is a rapidly growing local energy commodities trader and convenience store network with 30 years of experience. Currently, Virši has 85 sales points, 82 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.
AS VIRŠI-A
Undine Priekule
E-mail: undine.priekule@virsi.lv
Telephone: +371 26141219
Certified adviser:
ZAB Eversheds Sutherland Bitans SIA
Justine Ignatavicute
E-mail: justine.ignatavicute@eversheds-sutherland.lv
Telephone: +371 28665066
