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Infortar's sales volumes increased by 40 percent in the first half of the year, with revenue reaching 576 million euros and net profit totaling 73 million euros. The value of Infortar's assets reached 1.5 billion euros, and investments amounted to 41 million euros.
"We have strengthened our positions in the Finnish and Baltic energy markets, gained market share, increased sales, and filled our storage for the next season in the first half of the year – our fundamentals are strong and liquidity position solid, providing us a robust platform to continue our investments," said Ain Hanschmidt, Chairman of the Management Board of Infortar.
"The results of Infortar's main investments are strongly seasonal – energy shows high figures during the cold period, while the number of ferry passengers peaks in the summer," Hanschmidt stated.
In the first half of this year, Infortar invested 41.3 million euros. The company increased its stake in Tallink to 46.8 percent, acquired a majority stake in Halinga dairy farm in Pärnumaa, and opened a solar park in Nica, Latvia. The focus was to expand operations in Poland and Germany and establish access to the wholesale gas market in the Netherlands and Belgium. The construction of the RIMI logistics center and the new bridge in Pärnu have progressed according to schedule.
Eesti Gaas, the largest privately-owned energy company in the Finnish and Baltic regions, owned by Infortar (operating under the name Elenger in foreign markets), increased its sales volume by 40 percent compared to the previous half-year, totaling 10 TWh. The company's market share in the Finnish-Baltic gas market is 25.4 percent.
The number of Tallink passengers on the Helsinki route has increased compared to last year, while the movement of people between Finland and Sweden slightly decreased compared to the same period last year. In June, Infortar announced a voluntary takeover offer to Tallink shareholders. The offer is directed at all investors and will bring additional liquidity to the market, providing an exit opportunity for those who might find it challenging to realize their shares on the stock exchange under normal circumstances.
As of June 30 of this year, Infortar's equity amounted to 840 million euros, and the volume of assets was 1.5 billion euros. Compared to the results of the first six months of last year, Infortar's EBITDA and net profit decreased by 11 million euros. The EBITDA for the first six months of 2024 was 76 million euros, and the net profit was 73 million euros.
The English-speaking webinar presenting the six-month financial results can be viewed HERE.
