Civinity’s first-half results: stable revenue, EBITDA growth of 5.4%
2024.10.01
Civinity, one of the largest building maintenance and engineering solutions groups in the Baltics, announces its results for the first half of 2024. The Group’s sales revenue in the first half of the year remained stable at EUR 42,187 thousand, while EBITDA reached EUR 3,591 thousand and was 5.4% higher than in the previous period.
The Civinity Group’s sales revenue for the first half of the year amounted to EUR 42,187 thousand (EUR 42,668 thousand as at 30 June 2023). Although the revenue of the engineering systems design, installation and maintenance business segment declined significantly during the period, the loss of revenue was successfully offset by the fast-growing residential maintenance and administration business segment and multi-family modernisation/renovation projects.
The Group’s gross profit for the first half of the year amounted to EUR 8,234 thousand and was 6.4% lower than in the same period last year (EUR 8,797 thousand). The decrease in gross profit was due to a lower gross profit margin in the engineering systems design, installation and maintenance business segment.
The Group’s consolidated EBITDA amounted to EUR 3,591 thousand and was 5.4% higher than in the previous period (EUR 3,407 thousand). The increase in EBITDA was driven by successful operational efficiency initiatives.
The Group generated a net profit of EUR 1,245 thousand in the first six months of 2024, which was 47% lower than in the same period last year (EUR 2,337 thousand in 2023). The lower net profit than last year is due to higher borrowing and amortisation costs.
In the first half of the year, the Group employed 1 519 people.
According to Virgeda Jackaitė, CEO of Civinity, despite the slowdown in the construction market, which directly affected the results of the engineering systems design, installation and maintenance business segment, the Group managed to achieve a good performance. The main positive contributors to the results were the successful development of residential modernisation/renovation projects and the increased operational efficiency in the residential maintenance and administration business segment.
According to the CEO of Civinity, the Group is currently continuing to focus on both operational efficiency and the introduction of new digital services with the aim of creating a Smart Green City ecosystem that integrates the essential services provided to citizens to live, work and receive services in buildings, as well as to be able to move between them. In the second half of this year, the Group has already made its first investment, acquiring a 9.99% stake in SIA Mobilly.
Civinity is one of the largest building maintenance and engineering solutions groups in the Baltics. The company brings together more than 30 companies that maintain 10 million sqm of residential and commercial buildings and have installed hundreds of engineering systems in different European cities. In 2023, the Civinity team had over 1,500 employees in Lithuania, Latvia and the UK, with revenues of EUR 87.7 million and EBITDA of EUR 7.12 million.