Photo: Orlen Lietuva press materials

Girteka ranked Lithuania’s 4th top company with Orlen Lietuva in 1st place

Orlen Lietuva, the Lithuanian subsidiary of Polish petrol station giant Orlen, has once again been ranked Lithuania's top company by the Verslo žinios business magazine. Girteka Logistics came 4th, with both companies enjoying significant increases in income in 2022 (particularly the former).

You can read this article in 2 minutes

The results of the 2022 ranking are arguably unsurprising given the rise in fuel prices and the increase in fuel sales brought about by the end of pandemic restrictions.

Orlen Lietuva already had top spot back in 2021, when Verslo žinios put its yearly income at €2,426,276. In the 2022 edition of the list, Orlen Lietuva boasts an annual income of €4,263,826 – an increase of around 175%.

Back in March of this year, ORLEN Lietuva reported its 2021 results. The company netted USD 87 million profit, boosted by improved macroeconomic conditions that had a positive impact on business results. A crude oil refinery operating in Mažeikiai District also helped to increase its capacity utilization close to its maximum.

When it comes to the logistics sector, Girteka Logistics UAB maintained its position in 4th. Verslo žinios’ figures show the logistics company’s annual income at €1,145,787 – roughly 115% up on 2021.

As recently as last month, Girteka announced 2021 sales revenues of €1,437 billion euros and delivered €77,9 million euros in net profit before tax. The company will nonetheless be divided into 4 different entities as part of its new structural plan. Therefore, it remains to be seen whether the business will retain its position for another year in 12 month’s time.

Meanwhile, fellow Lithuanian logistics company Hoptrans was ranked 69th on the list. Commenting on the feat, Rimvydas Melkunas, CEO of Hoptrans Logistics, said:

“It’s been challenging and uncertain year for all the businesses and organizations, we are happy to hold such high position among the country’s business leaders. Aspiration of growth and development drives us forward. Everything is possible having such strong and passionate team, which I would like to thank for.”