Eesti Gaas is the most successful company of Estonia
The title of Estonia’s most successful company, awarded by business daily Äripäev, went to Eesti Gaas. The company increased its turnover by more than half a billion euros last year. A year earlier, Eesti Gaas was ranked 11th in the TOP100 ranking.
“When we did the work back in in 2022, we were not thinking about financial results or fame and glory. The important thing was to secure gas for our customers, as shortly after the start of Russia’s full-scale attack on Ukraine, gas imports from the east were cut off,” recalled Eesti Gaas CEO Margus Kaasik.
Switching to liquefied natural gas of Western origin was easier for Eesti Gaas compared to many competitors because the company had been dealing with LNG in small volumes for several years. Eesti Gaas had experience at the Klaipeda terminal, and some framework agreements provided the basis for making the change relatively quickly—without them, it would have been much more difficult. “This allowed us to be a step ahead of many, and often that’s enough. You don’t have to be a kilometer ahead of others; a step or two is sufficient to get the better pieces from the market,” noted Kaasik. This is how Eesti Gaas succeeded in gaining the trust of consumers and market share in both Estonia and foreign markets in a challenging year.
In addition to natural gas, Eesti Gaas is involved in selling electricity, and over 70 percent of the company’s sales come from abroad—from Finland, Latvia, and Lithuania. The first steps have also been taken in Poland. The company’s net profit tripled in a year and reached close to 95 million euros in 2022. Eesti Gaas is owned by the Estonian investment company Infortar.