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Infortar has published its consolidated financial results for 2024, which can be viewed here. A webinar covering the results is available for replay.
Following the acquisition of a majority stake in Tallink and the purchase of a gas company in Poland, Infortar’s asset volume grew from €1.4 billion to €2.7 billion. Infortar’s share price rose by 70% during its first year on the stock exchange, and the company’s total value increased from €548 million to €916 million. The group’s revenue grew by a quarter last year, reaching €1.37 billion, with profits amounting to €174 million. The company’s management board has proposed, as it did last year, to distribute dividends of €3 per share to its more than 6,000 shareholders, totalling €61.33 million — reportedly the largest dividend payout in the history of companies listed on the Tallinn Stock Exchange.
"Our investments over the past few years have totalled nearly half a billion euros. Thanks to the right investment decisions, we have grown into one of Estonia’s largest companies by asset volume within a year. We will continue to seek growth across the region," said Ain Hanschmidt, Chairman of Infortar’s Management Board. "Changes are currently taking place to improve corporate competitiveness and energy policies in Estonia, Europe, and the United States. Natural gas is expected to play a bigger role in supporting renewable energy and ensuring controllable capacities. Additionally, the situation in the maritime transport sector can only improve," Hanschmidt added.
Last year, Infortar made three major investments. In spring, the company entered the agriculture sector by acquiring one of Estonia’s largest dairy farms in Halinga and began constructing a biogas plant next to the farm for local gas production. During spring and summer, the group invested €110 million in acquiring Tallink shares, increasing its stake to 68.5%. In autumn, its subsidiary Elenger signed a €120 million deal with the German energy giant EWE AG to acquire all of EWE Group’s business operations in Poland. The deal includes a natural gas distribution network in Western Poland and all business areas of energy sales. Infortar’s real estate portfolio grew from 100,000 to 141,000 square metres over the year. At the end of last year, a Rimi logistics centre in Saue Parish was granted its usage permit, while this summer will see the completion of the new Pärnu bridge. Next year, a second DEPO store in Lasnamäe will open, and by early 2028, the Kangru-Saku section of the Rail Baltica mainline will be completed.
To strengthen its market position domestically and abroad, Infortar added the long-established Tallinn Book Printers to its group of companies. In 2024, the group exited several smaller, unprofitable sectors, such as taxi services and pharmaceutical sales.
The proposed dividend of €3 per share consists of three parts: the minimum €1 per share promised during the IPO, a €1.5 share from Tallink’s retained earnings, and an additional €0.5 as an extra dividend. Dividend payments will be made in two equal instalments in July and December of this year, following the company’s dividend policy.
Infortar operates in seven countries, with its core business areas being maritime transport, energy, and real estate. Infortar holds a 68.5% stake in AS Tallink Grupp, 100% ownership of AS Elenger Grupp, and a diverse and modern real estate portfolio totalling around 141,000 m². In addition to its core sectors, Infortar is active in construction and mining, agriculture, printing, and other industries. The Infortar group consists of 110 companies: 101 group companies, 4 associates, and 5 subsidiaries of associated companies. Excluding associates, Infortar employs 6,228 people.
