By now, the 2022 financial statements of ACE Logistics Group have been audited, and we can consider the year again as a very successful one. The consolidated turnover increased by 8% compared to 2021 and was 61 million euros. The total number of shipments although decreased by 1%, but the net profit of the group was 6% and the return on equity was 45%. The number of employees increased to 197.
Road transport was proportionally 66% of the turnover, air transport 17%, rail transport 12%, sea transport 4% and warehousing 1%. In proportion, ACE Estonia made the most turnover with a share of 37%, and ACE Lithuania was in second place with 34%. Respectively, ACE Latvia was 19%, ACE Belarus 8% and ACE Ukraine 3%.
The main factor for the increase in sales revenue was the continued stable demand for the various logistics services offered by ACE, as well as a higher turnover from fuel surcharge due to the tremendously increased diesel prices. At the same time, the volumes of intercontinental air transport and sea transport and intermodal transport were in a significant decline.
On February 24, 2022, Russia’s full-scale war against Ukraine has had a very significant impact on ACE Group’s subsidiaries in Ukraine and Belarus, and a moderate impact on its subsidiary in Lithuania. Other companies of the group did not have a very significant impact on their operations. The activity of the Ukrainian company stopped completely in the first months of the war. After which, the ability to provide services to customers on a limited basis was restored. All employees of the Ukrainian company had their jobs and wages preserved. Some of the employees are working again in the Kyiv office, and some are working remotely from both Ukraine and foreign countries.
It was decided to terminate the activities of the Belarusian subsidiary, as it turned out to be impossible to do any business with other subsidiaries of the group. The Belarusian subsidiary was bought by its managing director on 1st of December 1, 2022.
At the beginning of 2022, there was a change of management in ACE Estonia, where Katrin Tiidrus, the company’s long-term road transport manager, took over the duties of the managing director, and Andres Matkur, the previous managing director, will continue in the position of managing director of the ACE Group.
2022 was also a jubilee year for the ACE Logistics Group – the company celebrated its 30th year of operation. Watch the historical journey in the video.
ACE Logistics Group operates in five countries: Estonia, Latvia, Lithuania, Finland and Ukraine. We offer air, sea, road and rail transport, as well as warehousing and customs clearance services based on the wishes and needs of our customers. The company’s main goal is continuous value creation with a focus on sustainable growth, profitability and return on equity.
You can get acquainted with the main financial indicators of ACE Logistics Group AS for 2022 here.
We thank all our employees, customers and partners for the pleasant cooperation!
Andres Matkur
ACE Logistics Group AS
