Virši fuel company looks ahead to IPO

Fuel company AS “Virši-A” published its financial report for 2020 on July 30, which show that profit at the group level in 2020 reached almost 4.2 million euros, which is 17.8% more than a year earlier. EBITDA 2 reached 7.8 million euros, which is an increase of 6.5% and last year, “Virši” paid 43.6 million euros in tax.

“In preparation for the initial public offering (IPO) in the second half of this year, we have made a number of extensive and significant preparations to make “Virši” an even more transparent company for investors in the future. We have reorganised and consolidated the Company at the group level, and 2020 became the first year when “Virši” financial statements were prepared in accordance with International Financial Reporting Standards at the consolidated group level... Until now, “Virši” annual financial statements have been prepared in accordance with Latvian Accounting Standards (LAS),” said Vita Čirjevska, Member of the Board and Financial Director of “Virši”.

Despite the fact that the total fuel retail market in Latvia decreased by 3.6% in 2020, “Virši” was not only able to increase its market share, but to also increase the volume of fuel sold in both retail and wholesale sectors, compared to 2019.

Last year, the Company's retail sales turnover increased by 3.6 million euros or 16.1%.

In 2020, the “Virši” station network consisted of 63 filling stations. Last year the number of “Virši” employees also increased by 6% to 552 people working throughout all regions of Latvia.

CEO Jānis Vība said: “Our goals for this year are even more ambitious - in the second half of the year we plan to start listing the Company's shares on the Nasdaq Baltic alternative stock market First North. Raising capital to boost future growth through the initial public offering of shares is part of the new growth strategy. Every resident of Estonia, Latvia and Lithuania will be able to apply for the planned share issue in the second half of this year, including our customers, cooperation partners and employees who have helped to create “Virši” into what we are today. We want to give everyone the opportunity to get involved in our business - to become a shareholder in our Company, to continue to manage and grow together.”

Source: labsoflatvia.com