Civinity grows market share in Latvia: subsidiary Civinity engineering tripled revenues last year
2024.03.18
Civinity engineering, a subsidiary of Civinity, one of the largest building maintenance and engineering solutions groups in the Baltics, which started operations in Latvia in 2022, grew its revenues by 319% in 2023 and achieved a turnover of EUR 2.7 million. In its first year of operation, the company’s revenue was EUR 0.64 million. EUR 0.64 million.
Civinity engineering’s revenue growth in Latvia was driven by new projects that the company implemented in Riga last year, including the Valmiera Drama Theatre, the Children’s Clinical Hospital, an apartment building complex, and a number of shops of a well-known retail chain. In these projects, Civinity engineering designed and installed the ventilation and air-conditioning engineering systems.
As early as autumn 2023, Civinity engineering announced that it sees Latvia as one of its strategic markets, which for a long time lagged behind Lithuania in the development of new construction projects, but has recently started to develop an increasing number of projects in both the commercial and the public sectors.
According to the company’s CEO, Titas Kecorius, the company continues to see Latvia as one of its strategic markets, where it intends to increase the number of orders and to further grow its market share.
“In 25 years of operation we have completed hundreds of projects in various European cities. We design all engineering systems in a 3D environment, which is highly appreciated by our clients as it significantly facilitates and speeds up the construction process. We have a strong team with experience in projects such as Sugar House Island in London, Paupys, Business garden and the Homanit plant in Vilnius. We believe that with this experience we are ready to further successfully strengthen our position in Latvia and become one of the market leaders,” says T. Kecorius.
The company is currently carrying out other projects in Latvia, such as the development and installation of ventilation and cooling engineering systems in office buildings in the new Riga district of Magdelēnas kvartāls, and the development and installation of ventilation systems in the Riga Traffic SIA tram depot in Riga.
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 several thousand engineering systems in different European cities. In 2022, the Civinity team had 1,711 employees in Lithuania, Latvia and the UK, revenues of EUR 74.158 million and EBITDA of EUR 4.121 million. Civinity engineering is an engineering systems design and installation services company that became part of the Civinity Group in 2018. In 2022, Civinity engineering had 150 employees, revenues of EUR 21 million and EBITDA of EUR 1.7 million.