Estonia’s Alexela Oil reported €25m in sales revenue for the first three months of the year, up 1 percent increase from the same period in 2015. Profit for Q1 came in at €1m. The increase was attributed to a y-o-y hike in motor gas sales as well as heavy fuel oil. The company, which is part of Alexela Group, operates 62 filling stations.
“The beginning of the year was quite interesting on the fuel market. In January almost all our filling stations set sales records,” said Alexela Oil CEO Ain Kuusik. “But this was due to customers’ wish to buy up large amounts of fuel ahead of the excise duty rise in February. Since the excise hike, sales numbers have fallen markedly.”
