2008 - a good year for fuel retailers in Estonia
18.11.2009, 15:12
Estonia's largest fuel retailers had a strong year in 2008 and saw both sales and profit go up, things could be very different this year, wrote Postimees.
Neste ended last year with profit of 124 million kroons, Statoil said its proft was 54 million kroons, Olerex reported 15 million kroons in sales. The most successful was Olerex that increased sales by 600 million kroons and tripled its profit.
Statoil was also profitable, but its profit fell 60% to 54.4 million kroons. However, its sales were the highest at 3.3 billion kroons. Neste's sales totalled 3 billion kroons.
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The only large fuel retailer that made a loss was Alexela that ended the year with 55 million kroons on the negative side. "We are fighting for every customer, but competition on the fuel retail market is one of the toughest," said CEO Ain Kuusik, adding that the loss was 1.5 million lower than in 2007.
However, fuel retailers are already preparing for tough times since sale of automotive fuel has fallen at least 10% this year from last year's level.