Storent reports 2022 profit, plans bond issue

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Latvian construction equipment rental company Storent Holdings, which is one of the largest suppliers in the Baltic states, reported May 10 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, it said in a press release.

Andris Pavlovs, co-founder of Storent and Board member of Storent Holdings said: “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,” 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 was established in 2008. It is the largest construction equipment company in Latvia and has significant market shares in Estonia and Lithuania, with an additional market presence in Finland and Sweden. Storent currently operates a total of 26 rental depots.

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