Estonia, Markets and Companies, Oil, Port, Transport

International Internet Magazine. Baltic States news & analytics Thursday, 22.08.2019, 17:23

Turnover of Gunvor's Estonian unit drops due to smaller one-off revenues

BC, Tallinn, 14.08.2019.Print version
Provider of oil shipment agent services Gunvor Services AS saw its turnover decline 4.15% year on year to 15.8 mln euros in 2018 as a result of a reduction in one-off revenues, informed LETA/BNS.

In 2018, no revenue was earned from changes in currency exchanges rates, whereas in 2017 such income amounted to nearly 455,000 euros. In addition, the reduction in revenue was a result of a change in the structure of services, it appears from the annual report of the Estonian operation of Gunvor.

The company's net profit declined 1.25% year over year to 624,000 euros.

The entire sales revenue was earned from companies of the same consolidation group. The lion's share of sales revenue, 12.4 mln euros, was earned in Switzerland. Singapore contributed 2.9 mln euros, the Bahamas 210,000 euros and United Arab Emirates 155,000 euros.

Ship agent services accounted for 99.5% of total revenue.

The company increased its workforce numbers by 11 to 221, attributing the change to clients' continuing development when it comes to cargo volumes. As a result of the addition of new projects, plans are for the number of employees to be increased further by 10-15, the management board said.

According to the register of employment, employees of Gunvor Services AS numbered 217 at the end of the second quarter of 2019.

Translated into full-time employment, employees in 2018 numbered 208 and the average monthly net wage of the employees was 3,302 euros, compared with 3,820 euros in 2017.

In 2019, Gunvor is planning to increase operating volumes by means of increasing both the selection and amount of products handled by it as well as the number of services provided. 

Gunvor Services AS belongs to the Cyprus registered company Gunvor Group Ltd. The owner took a dividend of 500,000 euros from the company.

The founders of Gunvor are Swedish national Torbjorn Tornqvist and Gennady Timchenko, reportedly a member of the inner circle of Russian President Vladimir Putin who sold his holding in Gunvor to the co-founder in March 2014, following the introduction of sanctions by the United States. 


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