Girteka Logistics 2020 results: despite pandemic, profit more than doubles compared to 2019
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Lithuanian haulage and logistics giant Girteka Logistics has announced its financial results from last year. Despite all of the challenges presented by the pandemic, the company increased its profit from €9 million in 2019 to €23 million in 2020. The announcement comes just weeks after Girteka CEO Edvardas Liachovičius told the Lithuanian press “I think it’s harder to make money with each passing year.”
In a statement released on Friday, Liachovičius referred to the fact that Girteka Logistics has now been operating for 25 years and has become the the biggest asset-based transportation company in Europe:
“This year Girteka Logistics counts its 25th year of experience. During this time, we have grown from one person who purchased one truck to be the biggest asset-based transportation company in Europe. We overcame multiple difficult situations, and so we are happy and thankful to the whole team that over the past year, which was full of challenges, we not only adapted to the new reality formed by the global pandemic, but also moved forward.”
According to Girteka’s announcement, its sales revenues grew by 5% from €945 million in 2019 to €996 million euros in 2020. Its profitability also recovered from €9 million to €23 million. The company says its ability to effectively adapt and overcome challenges posed by the coronavirus is recognized as the most significant positive influence on its financial results.
In recent times, the Lithuanian haulier has been investing in a significant number of new trucks. This is evidenced by the figures released in the company statement; by the end of 2020, Girteka’s fleet comprised of more than 8,000 trucks that have an average age of 2-3 years. The company says it has invested in these “exceptionally modern trucks” in order to “ensure the best experience for the drivers and also help improve road safety and become more environmentally friendly due to lower CO2 emissions.”
Girteka Logistics also says it has “invested a lot in employee development”. The company states 50,000 programs for learning and increasing qualifications were completed by its drivers.
Looking forward, Girteka Logistics adds that it “aims to complete the incremental structural changes” in “preparation for future growth.”
At the end of April, a shocking documentary film made serious allegations against Girteka Logistics and other Lithuanian haulage companies regarding employee mistreatment and other malpractices. However, the company has outright rejected all of the allegations and strongly denies any wrongdoing.