Elenger’s Parent Company Infortar Sees Revenue Grow by Over 30 %

Estonia’s largest investment company and the parent company of Elenger, Infortar, succeeded in increasing its revenue to €468 million in the third quarter of the year. The company’s EBITDA was €105 million, and net profit amounted to €72 million. After the first nine months of the year, the group’s revenue totaled €1.4 billion, with investments reaching €96 million.

In the third quarter, Elenger sold a total of 3.8 terawatt-hours of gas in Finland and the Baltic countries, achieving a record market share. Tallink transported over 1.76 million passengers in the second quarter, three percent more than the same period last year.

“All of our business areas have grown compared to last year, and higher sales volumes have improved profitability. Elenger has increased its market share in Finland and the Baltic countries to a record 30 percent during the summer months, while Tallink has adapted well to economic challenges and increased its passenger numbers,” says Infortar’s Chairman of the Board, Ain Hanschmidt.

Hanschmidt also notes that Elenger and Tallink have together made significant strides toward more sustainable operations during the third quarter. For example, Tallink’s MyStar vessel has begun using biomethane-based natural gas, and the company aims to transition entirely to renewable fuel on the Megastar as well.

Infortar operates in seven countries, with its main sectors being shipping, energy, and real estate. The company owns 68.5 % of AS Tallink Grupp and 100 % of AS Elenger Grupp. The group employs over 6,500 people and distributed €31 million in dividends in July.