Latvia: Fuel retailer Virsi’s sales, profit down in 2023

Latvian fuel retailer Virsi-A (Virsi) posted consolidated unaudited net sales of EUR 343.732mn in 2023, which was down from EUR 375.110mn in 2022, LSM reported. The company’s gross profit amounted to EUR 37.692mn (EUR 32.771mn) and net profit to EUR 5.099mn (EUR 10.370mn). Virsi reported an all-time record EBITDA of EUR 13.7mn in 2023, which was up 11.7% from 2022. The company invested EUR 17.5mn, opening three new service stations and modernising another three. Virsi had 73 filling stations at the end of 2023. The chain plans to have at least 90 service stations by the end of 2026.