The biggest Estonian capital based logistics and forwarding company CF&S Estonia grew its sales revenue last year due to transit cargo by almost 24% to a total of 37 million EUR.
According to Kuno Väin, member of the Management Board of CF&S Estonia, the last year was the most successful for the Group in its history. The unaudited consolidated sales revenue of the company grew 23.9% to 36.85 million EUR. The operating profit exceeded the 2 million EUR mark, said Väin. According to Väin, it was mainly transit cargo that had contributed to such growth. The increase in Estonian import and export was marginal in CF&S Estonia's results. "Goods are like electricity – they travel there where there are minimum obstacles", commented Väin on the increase of transit cargo transport through Estonia.
According to Väin, the most successful scheme in transit transport is the one according to which goods arrive in Tallinn by sea and then are carried by railway or road transport further to Russia or Central Asia. To improve the service quality, CF&S Estonia invested 2.3 million EUR last year; of this amount, the major share was invested in the acquisition of rolling stock.
However, when providing services to Russia Estonia is clearly behind Latvia, says Väin, since the Russian Railways do not approve the plans of cargo transport to Estonia unlike those to Latvia.
For this year, Väin forecasts an increase in cargo volume up to 10%. In addition to activity in Estonia, Latvia and Russia, the company plans to expand its activity further in the neighbouring countries. "We want to provide a comprehensive service to our clients in the Baltic Sea region, and offer them alternatives", said Väin explaining the company's expansion plans.
According to Väin, the investment plan for this year has not yet been approved, and the company will act according to economic developments. "If the economic environment allows, we will invest within the same scope", he promised.
The CF&S Estonia Group was established in 1997. The Group employs a total of 90 people in three countries. In its turn, CF&S Estonia is part of the Baltic Maritime Logistics Group, which has companies registered in eight countries where they provide sea, railway and road transport services, likewise stevedore and port services. Besides, the company renders the services of cargo forwarding and representation of shipping lines, chartering and ship's agency.