Virsi-A, a Latvian energy trading company, has opened its first fuel station in Lithuania. It is located on the A5 motorway near the southern city of Marijampole, the company said on Friday.
“Firstly, Lithuania has been characterized by stable economic growth over the past decade. Secondly, geographically, Lithuania is the main transit route to other European countries for our private and business customers,” Janis Viba, the board chairman at Virsi, said in a statement.
The 314 square meter fuel station near Marijampole is the first step in Virsi’s strategic expansion abroad, but the chain plans further development in Lithuania.
According to the company, the 24-hour fuel station has a convenience store and café, as well as solar panels and EV charging stations.
Virsi operates a network of 80 fuel stations in Latvia and plans to add four more this year. The company employs more than 820 people.
Virsi-A earned a consolidated gross profit of 37.7 million euros last year, a 15 percent increase compared to 32.8 million euros in 2022, and generated 347.7 million euros in revenue, a drop of 7 percent.
The Virsi-A group consists of the namesake parent company and Virsi Nekustamie Ipasumi, Virsi Logistika and Virsi Renergy.
Virsi-A is owned by natural persons in Latvia, and it’s listed on the Nasdaq Riga First North Alternative Market.