Ventspils nafta termināls

Profit of VNT in 2012 was 10.44 million lats


Profit of VNT in 2012 was 10.44 million lats

February 22, 2013 / News

The profit of “Ventspils nafta termināls” (VNT), “Ventspils nafta” Group’s subsidiary, was 10.44 million lats in 2012 according to unaudited financial statements of the company. It is by 23% higher than profit VNT made a year before – in 2011 the company generated a profit of 8.5 million lats. „2012 was good year – we over achieved our target”, explains the General Director of VNT Lars Pantzlaff.

“The plan for 2013 is to remain at an average profit level seen over the last 3 years which is 8-9 million lats and thus remaining stable and predictable. The target throughput for 2013 is at least 10 million tons though exact market predictions are hard to make” forecasts the General Director of VNT Lars Pantzlaff.

The revenue of VNT was 60.4 million lats in 2012. The transhipment volume was just over 12.0 million tons of oil products which amounts for a considerable market share in liquid cargo transhipment. VNT has handled 48% of total liquid cargo in Latvia in 2012 or 72% of total liquid cargo in the port of Ventspils. ”Due to the weight of VNT in the Latvian liquid transhipment market, the company is a strong asset to the Latvian economy, that generates taxes and creates jobs both directly and through supporting operations of other businesses and  organisations. As in the recent few years, with ongoing support of shareholders and authorities this position can be further strengthened to the benefit of the company, the city and port, as well as the country”, stresses the General Director.

VNT is also the largest oil product terminal in the Baltic States and handles about 20% of all liquid cargo transhipped through the ports of Latvia, Lithuania and Estonia.

January has been a good start into 2013 with a transhipment volume of more than 1 million tons.

VNT’s investment programme envisages further investing into the development and modernisation of infrastructure of the terminal in the amount of 10-15 million lats over the next years. Investments are planned to be directed at building vapour recovery system in coordination with AS Ventbunkers, replacing a railway unloading rack, upgrading VNT’s waste water management, and renewal of pipelines to the jetty. In 2013 it is planned to invest 3 million lats.

About VNT

VNT provides transit services − the receipt of crude oil and petroleum products via pipelines, rail tank cars and tankers, as well as their storage and transhipment. VNT is technologically the most advanced and largest crude oil and petroleum product transhipment company in the Baltics with the total tank storage capacity of 1.2 million cubic meters.

51% of VNT is owned by JSC Ventspils nafta (NASDAQ OMX RIGA: VNF1R), which is one of the largest groups of companies in Latvia, and operates in the sector of transit business.  JSC Ventspils nafta is the Group's parent company, which manages investments into the companies within the Group, thus facilitating the growth in the overall value of the Group and its individual companies.