Energy commodities trader and convenience store network Virši (AS VIRŠI-A and its affiliated Group companies) achieved turnover of EUR 185.3 million in the first six months of 2024, a year-on-year increase of 14%.  The Company has fostered growth by expanding and modernising its service station network. During the the first half of the year, Virši invested a total of EUR 10.2 million into strategically important projects in order to strengthen its market position and help ensure long-term growth. 

In the first half of the year, Virši invested a total of EUR 10.2 million (EUR 5.7 million in the first half of 2023) into developing its network and opened four new points of sale. These were in Sigulda, Salaspils and Riga (Viskaļu Street and Origo shopping centre). In the first half of 2024, the Company also made significant improvements to its service stations in Gulbene, Jugla and Dzelme, increasing energy efficiency and improving customer service performance. At the end of the first half, 6 new service stations were being constructed in Ķekava, Valmiera, Riga (Berģi, Valdeķu Street and Lauvas Street), with 5 of these in Latvia. In addition, IT infrastructure development, site and shop fitting work have been carried out at the first Virši location in Lithuania, which opened its doors to customers on 2 August 2024.

“The compiled GDP flash estimate only shows growth of 0.1% in the Latvian economy in the first half of 2024. Despite the economically and geopolitically challenging conditions, we have succeeded in implementing our long-term strategic plan and increasing our market share across all business segments.

2024 marks a period of significant investment for the Company. We plan to expand our network with a total of 9 new sales points in Latvia and have opened our first service station in Lithuania. We will also continue to expand the Company’s electricity customer portfolio and prepare for the construction of a biomethane plant in 2025. The hard work and financial resources invested in these projects are a long-term investment that helps to ensure the Company’s continued growth in terms of both market share and profitability, but also guarantees that our business model remains future-proof,” says Jānis Vība, Chairman of the Management Board of Virši.

The Company has developed its network rapidly, which contributed to a 15.2% increase in the turnover of Virši convenience stores compared to the first half of 2023. The turnover for this segment reached EUR 26.2 million. Virši’s fuel business turnover increased by 12.6% to a total of EUR 144.8 million. Virši’s energy business segment also continued to grow, reaching turnover of EUR 13.1 million, an increase of 30.8% year-on-year. 

The Company’s net profit for the first half of the year decreased by EUR 1.2 million year-on-year, amounting to EUR 2.0 million (net profit for the first half of 2023: EUR 3.2 million). During this period, the Company continued to develop new lines of business, which are expected to generate improved financial returns in the future. 

AS VIRŠI-A Group’s full unaudited consolidated financial statements for the first half of 2024 can be found attached. The statements are also available on the company website: https://www.virsi.lv/en/about-us/documents

Additional information on the results for the first half of 2024, investments made and other current issues will be made available at a virtual conference organised by Virši on 16 August (conference in Latvian held at 10:00, conference in English at 11:30). To participate in the conference, please register using the link below.

Please email any questions to ieva.unda@nasdaq.com by 15 August or submit them using the registration link below.
To register for the webinar, please click on the link below: https://nasdaq.zoom.us/webinar/register/1317205307378/WN_DwmPDhFQTDq0COBG5GkGKg#/registration 

After you have completed the registration form, a link to the webinar with instructions on how to join will be sent to the email address you submitted.


The shares of AS VIRŠI-A are admitted to trading on Nasdaq Baltic First North Market.
The certified adviser for AS VIRŠI-A is the Law Office Eversheds Sutherland Bitāns.
Virši is a rapidly growing local energy commodities trader and convenience store network with 29 years of experience. Currently, Virši has 81 sales points, 78 of which are service stations, and employs more than 850 people across Latvia. Since 11 November 2021, the shares of AS VIRŠI-A have been listed on the Nasdaq Riga First North Alternative Market.