Alexela Group posted €204m in sales for 2015. However, its €8m operational profit for the year lagged behind its 2014 results thanks to a €6.6m loss reported by the group’s subsidiary Kivioli Keemiatoostus, according to news reports. The Estonian energy, metal and property group posted €195m in revenue and a €23.8m operating profit in 2014.
“As of the beginning of 2015 the global oil prices were so low that the Estonian oil shale sector had basically become a social project where no revenue was earned, and profit was used to pay salaries,” the group’s CEO, Andreas Laane, said in a statement. The company is planning to open new gas stations this year, with a focus on liquefied petroleum gas (LPG). The group’s Alexela Oil reported €121m in revenue last year. With 63 stations, it is one of the three biggest chains in the country.
