Virši-A: Balancing Fuel Sales with EV Charging Network Expansion

Latvian fuel retailer Virši-A experienced stable growth in fuel product sales in 2024, while simultaneously expanding its electric vehicle (EV) charging network. This dual strategy reflects the evolving energy landscape and the increasing demand for alternative fuels.

Fuel Sales Remain Strong

Despite competition and price fluctuations, Virši-A’s fuel retail sales increased by 10.8% in 2024, exceeding overall market growth. The gross profit from fuel products reached €21.4 million, a 9% increase compared to the previous year.

Expansion of EV Charging Infrastructure

Virši-A significantly expanded its EV charging network in 2024, opening additional charging stations in six locations across Latvia and launching its first charging station in Lithuania, in Marijampolė. The amount of electricity charged within the Virši network doubled compared to 2023, increasing by 2.2 times.

Network Growth and Renovations

The company continued to expand its overall network, opening new stations in Salacgrīva and Kuldīga, and renovating several existing locations. As of the end of 2024, Virši-A’s network comprised 84 gas stations.

Financial Performance

Virši-A’s annual turnover in 2024 was €380.578 million, a 10.7% increase from 2023. Yet, the concern’s profit decreased by 8.4% to €4.671 million. The parent company, Virši-A, reported a turnover of €353.479 million and a profit of €6.125 million in 2024.

Company Structure and Ownership

The Virši-A concern includes Virši-A, Virši logistika, Virši Renergy, and Virši Lietuva. The largest shareholders are Jānis Riekstiņš (21%), Jānis Rušmanis (20.84%), Ruta Plūme (20.81%), Andris Priedītis (12.83%), and Ilgvars Zuzulis (12.79%). The company’s shares are listed on the “First North” alternative market of the Nasdaq Riga stock exchange.

Global EV Trends

The expansion of Virši-A’s charging network aligns with broader global trends in EV adoption. According to the International Energy Agency (IEA), public chargers have doubled since 2022, reaching over 5 million globally IEA Global EV Outlook 2025. The IEA notes that access to public charging points is crucial for wider EV adoption, particularly for those without home charging options. In 2024, over 1.3 million public charging points were added worldwide, exceeding the total number available in 2020.

Charging Levels

Different levels of chargers provide varying charging speeds. Level 1 chargers, using 120-volt electricity, offer around 5 miles of range per hour of charging. Level 2 chargers, utilizing 208-240 volts, can provide 14 to 35 miles of range per hour California Energy Commission.