Civinity, one of the largest facility management and engineering solutions groups in the Baltics, had a successful year in 2020: it ended profitably, and the revenue grew by 16 % up to 51.84 million Eur. The main factor that increased the group’s revenue was the successful work in the engineering business segment. Revenues were also significantly increased by the commercial business segment in Lithuania and the residential buildings administration and maintenance business segments in both Lithuania and Latvia.
Last year, the Civinity Group earned 51,84 million Eur revenue – 16 % more than in 2019, when the group’s revenue amounted to 44, 62 million Eur. Despite the pandemic year the group operation was profitable and Civinity earned 3,87 million Eur EBITDA and 1,56 million Eur net profit.
The main factor that increased the group’s revenue in 2020 was the successful work in the in the engineering business segment. Last year, the group’s company Civinity Engineering managed to increase revenue by 49 % up to 17,00 million Eur. The company has received service orders to install engineering systems in projects such as the Business Garden, Magnum, Greenhall and Parktown business centers, as well as the apartment building projects such as Missionary House and others.
Meanwhile, the commercial building maintenance business in Lithuania and Latvia did not withstand the consequences of the pandemic in the same way: Civinity Solutions in Lithuania grew its revenue by 13 % up to 2,84 million Eur. However, the revenue of the same business segment in Latvia decreased by 28%. This was mainly due to the quarantined hotel business: Civinity Solutions in Latvia provides building maintenance and housekeeping services to one of the leaders in the hotel market, which provides accommodation services in more than 120 countries around the world.
“Both Civinity Engineering and Civinity Solutions have done a good job by attracting new customers and retaining old ones. We are pleased that even in such a difficult – pandemic – year, the construction market has not stopped, and we have launched a number of successful partnerships and services for new customers,” comments Deividas Jacka, shareholder and CEO of Civinity group.
Residential apartment buildings business segments both Lithuania and Latvia also grew successfully in 2020. The revenue of this business segment grew by 17% and 9%, respectively.
“Last year we started implementing projects to improve the Civinity Home customer experience: after several years of cooperation with external suppliers, we invested in opening our own customer service call centers, took over emergency services from partners and respond to accidents in apartment buildings at any time of the day, seven days a week. Also, we paid a lot of attention to the quality of customer service, the creation of added value to our customers, strengthening of the organizational culture and the teams’ competencies. I believe that this has led to a successful year in the residential business segment as well,” – says D. Jacka.
The group’s profitability improved due to both significant revenue growth and efficiency initiatives that reduced administrative costs.