Fuel retailers' turnover and profits up in Estonia
Estonia's fuel market remained generally stable in 2024, with the main challenges stemming from external factors and tax policy. Olerex maintained its position as the market leader, while Neste Estonia achieved a significant increase in profit. Terminal, which had been the only company to post a loss the previous year, returned to profitability.
Estonia's fuel market remained generally stable in 2024, despite challenges stemming from global oil price fluctuations and domestic tax policy. Olerex retained its position as [motor fuels] market leader, with minimal changes in both revenue and profit. The company posted €551.6 million in sales and €6.7 million in profit, with motor fuel accounting for 81 percent of turnover. Neste Estonia showed the strongest growth among major retailers, increasing its revenue by nearly 5 percent to €223 million and boosting its profit by around 64 percent to over €3 million.
Terminal rebounded from a loss in 2023 to a profit of €200,000 in 2024, despite an 18 percent drop in revenue to €192.3 million. The company's wholesale fuel sales fell significantly by 34 percent. Jetoil also grew its revenue by 14 percent to €154.7 million but saw profits decline sharply to €1.5 million, down from €5.6 million the previous year.
Alexela reported the largest year-over-year loss among major fuel companies, with a net loss of €5.3 million compared to an €8.7 million profit in 2023. Its revenue declined by nearly 4 percent to €595 million, and fuel sales dropped slightly, making up 46 percent of total turnover. The company attributed its loss to large-scale investments, including over €10.5 million in infrastructure and IT.
Fuel sales accounted for nearly all revenue at most companies, with retail and wholesale combined making up over 99 percent at Neste and Jetoil. Alexela's business was more diversified, with electricity and gas sales making up nearly half of its revenue. Electricity sales rose 24 percent, while gas sales dropped 31 percent.
Circle K's financial data for 2024 was not included due to its later fiscal year-end, but its most recent report showed a decline in revenue to €369.3 million and a net profit increase to €14.3 million. Despite some volatility, the overall Estonian fuel market maintained a stable position in 2024, with most major players either holding steady or recovering from prior-year losses.
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Editor: Marcus Turovski
