'Virši' earns EUR 4.2 million net profit in first half
Latvian energy trader and convenience store network 'Virši' posted a net profit of EUR 4.2 million in the first six months, while revenue climbed 22% to EUR 229.7 million. The company also completed the takeover of 17 fuel stations and launched test production at its biogas plant.
AS Virši-A and its related group companies reported a net profit of EUR 4.2 million for the first half of this year. Unaudited turnover rose by 22% year-on-year to EUR 229.7 million, while EBITDA increased by more than 60% to EUR 10.1 million.
According to board chairman Jānis Vība, the company started the year with strong growth. It has completed the acquisition of 17 former Astarte fuel stations, and construction of the group's biogas plant in Naukšēni has been finished, with production now starting in test mode. The Virši network now includes more than 100 fuel stations and employs over 1,000 people. Despite uncertainty in global energy markets, the company managed to increase market share across all business segments, contributing to better profitability.
Investments in the first half reached EUR 5.3 million. Funds were directed at developing alternative fuels as well as expanding and renovating the fuel station network. All acquired Astarte stations are expected to fully adopt the Virši visual identity and operating standards by the end of the year.
Revenue from fuel trading grew by 29% compared with the same period last year. In Latvia, total fuel retail volumes increased by 3.4% in the first five months, while Virši's volumes rose by 6.2%. Significant fuel price fluctuations occurred as a result of geopolitical events in the Middle East, and competition remained intense in Latvia.
The convenience store segment generated turnover of EUR 31.8 million, up 11% from a year earlier, supported by wider network coverage and an improved product and service offering. The energy segment stabilised after a difficult 2025, reaching turnover of EUR 12.5 million. The company had reviewed its supplier and customer portfolio at the end of last year and continued targeted development of the private customer segment in 2026.
