Estonia: Eesti Gaas revenue, profit tripled in 2022

Estonia’s privately-owned gas company, Eesti Gaas (Elenger), posted revenue of over EUR 1bn in 2022, which was a triple increase from just over EUR 380mn in 2021, ERR reports. Sales of natural gas amounted to EUR 890.2mn (88% of total revenue) and of electricity to EUR 67mn (nearly 7%). Sales in Estonia accounted for 46% and in Finland for 31% of total revenue. Annual EBITDA, excluding one-time effects, stood at EUR 113.4mn (up 212%) and consolidated net profit at EUR 95.2mn (up 267%). Eesti Gaas said that the growth was mainly due to high energy prices and energy price volatility. The company invested EUR 5.6mn in 2022, which was 20% less than in 2021. Eesti Gaas, which employs 208 people, is owned by Estonia’s Infortar holding company.

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