Owner of Muuga and Maardu oil terminals reaches profit after major loss
Liwathon E.O.S, which handles oil product storage and transshipment in Muuga and Maardu, posted a €1.07 million profit last year after a €33.5 million loss in 2022.
Liwathon E.O.S. operates four terminals — two in Muuga Harbor and two in Maardu. The company is owned by Liwathon Terminals Estonia, which in turn is owned by Liwathon Terminals Limited, registered on the island of Guernsey. The sole shareholder is British investor Barclay Thomas Rowland.
The group specializes in the transport, blending and storage of liquid fuels. It unloads oil products from railcars and transfers them to ships. As of the end of December last year, the group included AS E.R.S., Liwathon Limited and Tallinn LNG OÜ.
According to Liwathon E.O.S.'s annual report, total revenue for the reporting year reached €7.96 million, a 40 percent increase year over year.
The majority of sales revenue — 93 percent — came from the storage of liquids and gases.
In contrast to 2022, when Liwathon posted a €33.5 million loss, the company earned a profit of €1.07 million last year.
"The improved results were supported by several factors, including internal cost control, reductions in personnel expenses and €1.8 million in income from the reversal of a previous provision, which was recorded under other operating income and significantly boosted the group's profitability," the company explained in the report.
The number of employees dropped by seven to 73, with total personnel costs amounting to €5.1 million.
Liwathon invested €130,000 last year in infrastructure maintenance and further technological upgrades to its terminals are planned. The company aims to strengthen its business model and improve efficiency to maintain profitability going forward.
No dividends were paid out last year.
Liwathon E.O.S. was established in the summer of 2018 and, in 2019, acquired all shares in Vopak E.O.S., the largest independent oil terminal operator in the Baltics, from Royal Vopak N.V. and Global Ports Investments PLC.
In the years leading up to the transaction, Vopak E.O.S. had suffered significant losses, reaching nearly €100 million in 2017.
Vopak E.O.S. itself was formed in 2008 through the merger of Estonia's two largest oil transit companies — Pakterminal and AS E.O.S.
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Editor: Karin Koppel, Marcus Turovski
