Estonia: Eesti Gaas has Tripled its 2022 Profits From €380 muillion to over €1 billion 

High energy prices and their volatility contribute to record profits of Estonian gas industry powerhouse.


Eesti Gaas, the leader in Estonia’s natural gas market, reported a significant increase in its financial performance in 2022, nearly tripling revenues from over €380 million to over €1 billion, according to its annual report. This surge is primarily attributed to high energy prices. The company’s profits mirrored this growth, more than tripling from €25.9 million in 2021 to €95.2 million in 2022. Earnings before interest, taxes, and depreciation (EBITDA) rose by 212%, reaching €113.4 million. The bulk of the revenue was derived from natural gas sales (88%), followed by electricity sales (7%). Key markets included Estonia (46%), Finland (31%), Latvia, and Lithuania. Eesti Gaas, part of the Infortar holding, sees natural gas becoming competitive again as industries revert from alternative fuels. Despite increased demand for working capital, investments dipped 20% to €5.6 million, primarily in the gas distribution network. Future plans include investments in gas distribution and solar energy production. The company’s workforce shrank by 31 to 208, but the dividends increased from €0 in 2021 to €10.8 million in 2022, with a projected €10 million for this year. 

Source: news.err.ee

Jakub Warzecha

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