Estonia’s Bigbank posted a net profit of EUR 17.0mn in the first half of 2023, which was up 21% from EUR 14.1mn in the same period of 2022, GlobeNewswire reports. Net interest income amounted to EUR 46.7mn (EUR 39.7mn) and net fee and commission income to EUR 4.0mn (EUR 3.6mn). In the second quarter of…
Estonian media group Ekspress Grupp posted revenue of EUR 35.3mn in the first half of 2023, which was up 18% from EUR 29.8mn in the same period of 2022, GlobeNewswire reports. Digital revenue rose by 28%, accounting for 82% (76%) of total revenue. Ekspress Grupp had 175,400 digital subscribers at the end of June 2023,…
Lithuania’s Modus Asset Management has secured EUR 58mn of debt financing from Poland’s BNP Paribas Bank Polska and PKO Bank Polski, The Baltic Times reports. Modus Asset Management’s Modus Poland Solar Fund I will use the funds to finance the acquisition of a 93 MW solar farm portfolio in Poland. The fund now owns over…
Estonia’s largest security firms increased their turnover and profit in 2022, ERR reports. G4S Eesti’s revenue totalled EUR 59.5mn in 2022, which was up 6% from 2021. The company’s annual profit amounted to EUR 1.9mn, which was up from a loss of EUR 300,000 a year earlier. G4S Eesti employed 1,880 people in 2022. Retail…
The Estonian shipping group, Tallink Grupp, posted unaudited revenue of EUR 400.9mn in the first half of 2023, which was up 28.4% from EUR 312.2mn in the same period of 2022, GlobeNewswire reports. Six-month EBITDA amounted to EUR 95.6mn (EUR 17.7mn) and net profit to EUR 28.0mn (EUR 40.7mn). In the second quarter of 2023,…
Latvia’s Institute of Agricultural Resources and Economics (AREI) compared prices of food products in Maxima and Rimi stores in the Baltic States in June-July 2023, LETA reports. The institute found that in Maxima stores, prices of 43% of products in Lithuania, 32.7% in Latvia, and 31.8% in Estonia were more expensive than in the other…
The Lithuanian fashion retailer, Apranga Group, posted an unaudited consolidated profit before income tax of EUR 9.0mn in the first half of 2023, which was up from EUR 7.1mn in the same period of 2022, GlobeNewswire reports. The group’s EBITDA amounted to EUR 18.9mn, which was up from EUR 17.1mn a year earlier. Six-month retail…
Latvia’s State Security Service (VDD) is investigating whether the decision of Latvian gas company Latvijas Gaze’s shareholder meeting to pay dividends to one of the company’s owners, Itera Latvija, violates EU sanctions on Russia, LETA reports, citing TV3. VDD stressed that providing financial resources to sanctioned entities, directly or indirectly, was prohibited. Latvijas Gaze insisted…
The Estonian Competition Authority (Konkurentsiamet) has approved a takeover of Tallinn’s municipal company, Tallinna Soojus, by private energy group Utilitas, ERR reports. Following the takeover, Tallinna Soojus and Utilitas will establish a new joint venture, Utilitas Tallinna Soojus, which will become the new parent company of Tallinna Soojus. Utilitas will own 66.66% and Tallinn municipality…