“SIA Neste Latvija Records 47% Net Turnover Increase in 2022 Despite Industry Challenges”

The net turnover of SIA Neste Latvija, the leading fuel trader in Latvia, was 566.85 million euros in 2022, which is 47% more than a year earlier and which can be explained by record high prices of oil products during 2022. Profit after tax was 15.35 million euros last year, maintaining the company’s profitability at the level of 3%. On the other hand, the company’s investments in Latvia last year were 1.8 million. Last year, Neste Latvia credited 202 million euros to the state budget. In 2022, the company has maintained its leading position as a fuel dealer in Latvia.

“Despite the challenges the industry faced as a result of the war started by Russia in Ukraine – the high price of oil products, fluctuations in the exchange rate of the euro and the dollar, the canceled mandatory addition of biofuel to gasoline and diesel, SIA Neste Latvija continued its operations, providing private customers and customers in the commercial sector with consistently high product quality, quick filling, favorable price, as well as continued to develop a sustainable product and service offer in Latvia, also taking important steps to ensure its own sustainable operation,” emphasizes Armands Beiziķis, Chairman of the Board of SIA Neste Latvija.

In 2022, the company successfully continued business in all areas of activity, developing the infrastructure and expanding the network of automatic gas stations, which currently includes 76 gas stations across the country and 5 quick and smart Easy Deli stores. Last year, one new filling station was opened in Jelgava, which is already the third Neste DUS in the city of Jelgava. SIA Neste Latvija continues to successfully sell renewable resource diesel fuel Neste MY, helping to save 20 million kg of CO2e emissions, which is equivalent to 7,876 cars that would be taken out of traffic for a whole year. Last year, the company actively continued the installation of windshield washer fluid dispensers, thanks to which more than 120 thousand plastic cans were saved.

The company has also worked very successfully in attracting new customers both in the commercial sector and in the segment of individuals. Customers increasingly appreciate the consistently high quality of Neste fuel, the fast filling, the favorable price, which together form the best refueling experience. The most significant event of the past year has become the introduction of the Neste mobile application, which rapidly increased the number of users.

Also in 2022, the company will continue to invest in the development and development of new products, technologies and services, looking for more and more sustainable solutions, as well as strengthening its position as the innovation leader of the Latvian fuel market.