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International Internet Magazine. Baltic States news & analytics Wednesday, 23.09.2020, 16:36

Profit of Lux Express grows 2.5-fold in 2019

BC, Tallinn, 03.08.2020.Print version
Last year, the revenue of bus operator Lux Express Estonia AS increased by 16.4 percent to 36.8 million euros, while the net profit increased approximately two and a half times from 864,800 euros to 2.2 million euros, informs LETA/BNS.

During the year, the company served 2.9 million passengers, or 10.5 percent more than a year earlier. During the year, buses covered 23.1 million kilometers or 7.7 percent more than in 2018, the company's annual report revealed.

On international routes, Lux Express served 1.2 million passengers and posted a sales revenue of 21.4 million euros. Altogether 1.7 million passengers traveled on domestic routes in Estonia with a sales revenue of 12.5 million euros.

Last year, Lux Express acquired 15 more buses for the Baltic and Estonian markets, in addition to three more buses for its St. Petersburg-based subsidiary AO Eurolines. The total investment was 7.4 million euros.

In 2019, the bus operator achieved the largest increases in the number of passengers on the Vilnius-Riga, St. Petersburg-Helsinki and St. Petersburg-Tallinn routes. In the direction of Russia, the growth of passengers was impacted by free e-visas for Estonian, Latvian and Finnish citizens.

The geographical expansion of the company in the following years is related to Belarus. In order to open routes from Minsk to St. Petersburg in 2020, Lux Express established a subsidiary there. Further plans in Minsk are related to bus traffic between St. Petersburg, Warsaw and the capitals of the Baltic states.

The average number of full-time employees increased by 26 to 488 during the year. Salary expenses increased from 6.8 million euros to 7.4 million euros during the year.

Last year, Lux Express Estonia paid 300,000 euros in dividends.

Lux Express Estonia AS is an international group whose parent company is Mootor Grupp AS, which belongs to Hugo Osula. Lux Express Estonia has subsidiaries in Estonia, Latvia, Lithuania, Russia, Belarus, Finland and Poland.

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