VN Group grows profit

Nov 27, 2013

The Ventspils nafta Group has observed positive trends in the company's core performance results - gross profit results have increased and administration costs have continued to decrease.

The Chairman of the Management Board of JSC Ventspils nafta (VN) Robert Kirkup indicated that, despite the decrease in net turnover in all three first quarters of 2013, compared to 2012, gross profit indicators of VN have increased and administration costs also have continued to reduce. The Group's gross profit in the first nine months of 2013 has reached 21.82 million lats, which is 13.1% more than in the first nine months of 2012 (19.3 million lats). Meanwhile, the Group's general and administration costs amounted to 5.56 million lats or 20.2% less than in 2012 (6.96 million lats).

"This year the VN Group has been recognized as the fourth most valuable company in Latvia, with turnover of 136 million lats and more than 6 million lats paid in taxes in 2012. At the same time, it should be noted that 99% of the income comes from foreign clients, but more than 90% of the expenditure of the Ventspils nafta Group's companies - Ventspils nafta terminals and LatRosTrans are directed to local service providers. Thus the VN Group's overall contribution to Latvian economy is significant," stressed Robert Kirkup.



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