23. March 2023

Fira’s net sales and operating profit increased in 2022, driven by commercial construction

Last year was very good for the construction service company Fira despite the challenging operating environment. Order books reached new records during the year, and net sales were the highest in Fira’s history, driven especially by commercial construction, in which order books increased by 58% from the previous year. Residential construction also succeeded excellently in the difficult market situation.
Fira’s net sales and operating profit increased in 2022, driven by commercial construction

In 2022, Fira’s net sales increased to EUR 268.5 (223.8) million. EBITDA increased by 8.1% to EUR 10.2 (9.5) million, with operating profit being EUR 6.7 (6.3) million. The operating profit rate was 2.5% (2.8%). Order books totalled EUR 292 (225) million and the number of personnel was 307 (281) at the end of 2022.* 

− “In 2022, Fira’s commercial construction showed an unprecedented increase, with order books being at a record high at the end of the year. Residential construction continued its strong performance, even though the market situation became more difficult towards the year-end. Order books of pipe renovations grew steadily, as the bottleneck created by the coronavirus pandemic gradually started to clear up. In modernisations, two large contracts were signed during the year. I am very pleased that our positive development continued and we were able to increase both our net sales and operating profit in 2022. Our strategy has proven effective, even in the challenging market situation, and we are setting our sights on this year with our solvency high,” says Jari Koivu, CEO of Fira. 

With its annual review, Fira published its second sustainability report, which includes information about the company’s sustainability goals and the work done for its environmental and social responsibility, as well as good governance.  

− “Responsibility and sustainable development are at the core of our strategy and business operations. Our efficient and environmentally sound solutions help our customers achieve their environmental and carbon neutrality targets, in addition to reducing our own carbon footprint. During 2022, we built a sustainability roadmap for Fira, which will guide our operations even more closely in the future. Key successes last year were the lowest accident frequency in our history, the record-high job satisfaction, and the very high recycling rate for construction and demolition waste,” says Koivu.

More information about Fira’s performance in 2022 is available in the annual review and sustainability report published on 23 March 2023. See link below

Fira’s year 2022:

  • A total of 556 apartments were built in residential construction.
  • The order books of commercial construction increased by 58%, reaching a new record, and 13 projects were in progress during the year.
  • The total size of ongoing modernisation projects was more than 40,000 gross square metres.
  • Pipe renovations were completed in 520 apartments.
  • In 2022, the accident frequency was the lowest in Fira’s history at 8.07 (11.85) accidents per million working hours (including Fira’s personnel and subcontractors).
  • Job satisfaction was the highest in Fira’s history: the employee experience index was 4.1/5.0 (4.0) and the employee net promoter score (eNPS) was +57 (+41).
  • The recycling rate for construction and demolition waste (including side streams) was 98% in 2022, or 62% (66.5%) excluding side streams.

* Before 1 April 2022, Fira Group did not constitute a legal group that is required to prepare separate consolidated financial statements. Carve-out figures have been prepared by consolidating historical income and expenses, assets and liabilities, and cash flows related to Fira Group Oy’s construction operations transferred to Fira in the demerger that were included in Fira Group Oy’s consolidated financial statements. According to the management, financial information presented in this format for the whole year gives a true view of Fira’s operational results and cash flows, and provides investors with significant information. The figures for 2022 are a combination of actual financial figures for 1 April to 31 December 2022 and carve-out financial figures for 1 January to 31 March 2022. The figures for 2021 are carve-out financial figures.

Further information: 

Jari Koivu, CEO
p. +358 40 502 4268 

Perttu Piilo, CFO
p. +358 40 525 8250 

Fira is a bold innovator in the construction sector. The world is changing, and we believe that the construction sector must change with it. We aim to provide superior service construction focusing on the customer – and the people who actually use the facilities. To serve this purpose, we develop construction and housing solutions that take the environment into account, delight people and help customers exceed their goals. We are a major builder in the Helsinki metropolitan area. Our net sales were EUR 269 million in 2022. Our service areas include residential construction, commercial construction, modernisation, and pipe renovation. #buildingmovement

Annual Review and
sustainability report 2022

Fira’s annual review and sustanability report 2022 has been published.

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