Harju Elekter Group reports strong Q2 financial results with historically high operating profit.

From NASDAQ GlobeNewswire: 2024-07-24 00:00:00

Harju Elekter Group reported strong financial results in Q2 2024, achieving historically high operating profit with a margin of 7.8%. Revenue remained steady at 56.8 million euros for the quarter and 103.6 million euros for the first half. Operating expenses decreased by 3.7%. Investments totaled 1.5 million euros, focusing on non-current assets including real estate and production technology.

The production segment, which accounts for 95.3% of the Group’s revenue, saw modest growth in Lithuania and Estonia. Revenue from Finland decreased due to changes in utility price control methods. Revenue from Sweden remained stable, while Norway experienced a decline in sales to maritime clients. The Group invested in renovation work and production equipment to enhance efficiency and growth.

Harju Elekter’s share price on Nasdaq Tallinn Stock Exchange closed at 4.74 euros, with 11,025 shareholders as of June 30, 2024. The consolidated statement of financial position shows total assets of 178.394 million euros and total liabilities of 86.781 million euros, with equity amounting to 91.613 million euros. The Group continues to focus on sustainable business growth and profitability.



Read more at NASDAQ GlobeNewswire:: Harju Elekter Group financial results, 1-6/2024