Virši-A Does Not Plan to Enter Estonian Market in the Foreseeable Future
Latvian Fuel Retailer Virši Sets Sights on Lithuania, Not Estonia
Virši-A, the latvian energy retailer operating under the Virši brand, has no immediate plans to enter the Estonian market, CEO Jānis Vība revealed in a recent interview.
“Looking beyond Latvia,our focus is on the Lithuanian market,” Vība explained. “Estonia, in our view, is a more competitive market then Lithuania, and the economic situation there is significantly more stagnant.”
This strategic decision comes as Virši-A opened its first fuel station in Lithuania this past August.The company is currently evaluating various scenarios for further expansion in the Lithuanian market next year.
“We’ve done the heavy lifting – establishing a legal entity in Lithuania,and sorting out financial,legal,IT,and technical aspects,” Vība said. “With the right conditions, we can leverage this platform to increase the number of stations in this market. The exact number and timeline, however, I can’t disclose at this time.”
While Virši-A is looking to expand internationally, the company remains committed to its Latvian roots. Currently, Virši-A operates 80 fuel stations and three retail locations without fuel sales across Latvia. Another station is slated to open in Riga’s Ziepniekkalns district by year’s end.
“This year has been a year of significant investment in terms of development,” Vība noted.”While we don’t anticipate such large-scale investments in network expansion next year, we will still be opening a few new stations.”
He declined to reveal specific locations for the new stations, but indicated that projects are planned for both Riga and its surrounding areas, and also other cities where Virši-A is currently absent.
Virši-A’s audited turnover last year reached €343.732 million, an 8.4% decrease compared to 2022. The company’s profit declined by more than half,reaching €5.099 million. The Virši-A group includes the parent company Virši-A, Virši Logistics, Virši Renergy, Virši Lietuva, and CRYO Baltic.
Major shareholders in the company, according to publicly available data, are Jānis Riekstiņš (21.03%), Jānis Rušmanis (20.86%), Ruta Plūme (20.83%), Andris Priedītis (12.8%), and Ilgvars Zuzulis (12.8%). Virši-A’s shares are listed on the Nasdaq Riga choice market “First North.”
Latvian Fuel Giant virši Focuses on Lithuania, Not Estonia
Riga, Latvia – Virši-A, Latvia’s leading fuel retailer, has announced its strategic decision to prioritize expansion into the Lithuanian market over Estonia. CEO Jānis Vība cited the competitive landscape and economic conditions in Estonia as reasons for this decision.
“We’ve already taken the initial steps in Lithuania, opening our first fuel station this past August,” Vība explained. “We’re currently assessing various scenarios for further expansion in the Lithuanian market next year, leveraging the foundation we’ve already laid.”
While declining to reveal specific numbers or timelines for upcoming Lithuanian expansion, Vība emphasized Virši-A’s commitment to its Latvian roots. the company currently operates 80 fuel stations and three retail locations in Latvia, with another station slated to open in Riga by year’s end.
Vība acknowledged this year’s important investments in network advancement, noting that while next year won’t see the same scale of investment, there will be a focus on opening new stations both in Riga and its surrounding areas, as well as in other Latvian cities where virši-A is currently absent.
Despite a reported 8.4% decrease in Virši-A’s audited turnover last year to €343.732 million, the company remains bullish on its expansion plans. With a strong financial position and a dedicated team, Virši-A is poised to solidify its presence in the Baltic region.