PROMT OIL UÜ: Snooze Story
PROMT OIL UÜ, from Harju County, was registered 10 years ago, during he boom years. The newborn venture did not utter a sound and is still fast asleep to this day, lying dormant in the portfolio of Nikolay Izutkin.
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There are in all 79 559 such "Sleeping Beauties" in Estonia today (altogether 28.1% of all registered companies). There are 5 471 snoozers in the sector, making up 23.4% of the sector. The snoring is deafening. Within the sector, in the same EMTAK field "Katusetööd", 92 companies have been set up only to collect dust on a shelf (17.6% of the field).
If on average Estonian companies are active for up to 8 years, then whether hibernating or awake, PROMT OIL UÜ is old and grey.
The company was set up by Janno Brandt and a seat on the board was taken up by mees Andrus Armulik, in his/her midlife at 43 years old (b. 26.03.1976). Andrus Armulik had already dipped a toe into the pool of business possibilities and could have put his/her 4 years of management experience gained at 5 to use here. Before taking the wheel at PROMT OIL UÜ, he/she had headed BILDEST GRUPP OÜ. But he/she could not or would not force the company to get cracking and is no longer at the helm of the company. PROMT OIL UÜ has seen 3 Prince(ss) Board Members come to the rescue, but their kiss has not been enough to break the spell, because the Sleeping Beauty has not stirred.
Board member Andrus Armulik is a decent manager with 4 companies to run, most of them nice and proper. With Andrus Armulik in the lead, turnover reached 613 904 euros and companies produced a profit of 34 642 euros (in 2018).
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