Storent Holdings reports a 4.7 million euro profit in 2022

  • 2023-05-11

Latvia's leading construction equipment rental company Storent Holdings, which is one of the largest suppliers in the Baltic states, reports that in 2022 it showed a net profit of 4.7 million euros. Last year the company’s equity reached 23 million euros, which makes up 45% of its balance sheet and significantly improves the stability of the group.

In the words of Andris Pavlovs, co-founder of Storent and Board member of Storent Holdings: “After carrying out the successful merger of Storent Investments AS and SEL Investments SIA under Storent Holdings SIA in late 2022 we now plan a new bond issue of up to 15 million euros which will for the first time be open to both retail and institutional investors. In 2023, it is planned that Storent Holdings will increase its revenue by 10% and reach a net profit of around 5 million euros.”

“Storent Investments first issued bonds already back in 2017. Today Storent Holdings is preparing for its first bond issue. This decision is based on the significant demand we see for this type of financial instrument among retail investors and our needs to facilitate further growth. An investment in Storent is an investment in the development of modern, safe and sustainable construction equipment rental processes in the Baltics and Nordics,” Pavlovs added.

In 2022, Storent Investments, a part of Storent Holdings, managed to slightly improve its performance indicators despite the unstable geopolitical situation. The net revenue of the company increased by 3%, reaching 47.2 million euros, and total income grew by 8%. 

Online ordering continued to grow as a sales channel, and in 2022 it made up about 50% of the total income of Storent Holdings in the Baltic states. In 2023, the company aims to increase the share of online sales to 60%.

On December 28, 2022, changes were made in the composition of Storent Investments shareholders, and Storent Holdings SIA became its sole shareholder. Consequently, Storent Investments AS and its subsidiary companies became part of the newly established holding company, which also includes the equipment rental companies SELECTIA SIA and SELECTIA PLUS SIA.

Storent Investments AS and its subsidiaries have a modern rental fleet, a large rental depot network, and a wide customer base, as well as a very well-developed brand, an experienced team, and digital know-how. SEL Investments SIA and its two subsidiaries own around 50% of the construction equipment fleet that Storent Holdings SIA operates. The merger of the two companies will enable the group to increase its expertise and improve its financial ratios so that Storent Holdings SIA continues to develop at a significantly higher speed and with greater profitability.