Estonia: Tallinna Vesi’s sales up 20%, profit up over 50% in H1/2023

Estonian capital Tallinn’s water supplier, Tallinna Vesi, generated sales of EUR 30.01mn in the first half of 2023, which was up 19.8% from EUR 25.05mn in the same period of 2022, GlobeNewswire reports. The company’s gross profit amounted to EUR 11.52mn (up 30.8%), operating profit to EUR 8.20mn (up 34.7%), and net profit to EUR 5.81mn (up 51.6%). In the second quarter of 2023, Tallinna Vesi’s sales totalled EUR 15.41mn, which was up 18.5% from EUR 13.00mn a year earlier. The quarterly operating profit was EUR 4.13mn, which was up 34.0% over a year. The company attributed the rise in sales to the increase in prices to cover higher production costs. Tallinna Vesi supplies water to more than 24,900 private customers and businesses and 470,000 end consumers in Tallinn and surrounding municipalities.