Tulikivi Group reports lower revenue and profit for Q2, focuses on strategic initiatives

From GlobeNewswire: 2024-08-16 06:00:00

Tulikivi Group’s revenue for Q2 was 9.3 Me (13.3 Me 4-6/2023) and 17.8 Me for the period (26.4 Me 1-6/2023). Operating profit for Q2 was 0.8 Me (2.3), with a net profit before taxes of 0.6 Me (2.2). Order backlog was 3.5 Me, with a 49.4% equity ratio at the end of the reporting period. Future outlook predicts revenue of 37-44 million euros for 2024.

CEO Heikki Vauhkonen highlighted the focus on strategic initiatives during the reporting period, including increasing market share in Central European fireplace markets, expanding sauna business revenue, and advancing the Suomussalmi talk project to the investment phase. Efforts to broaden the Jero model distribution network in Central Europe were recognized, aiming to target new customer segments.

Tulikivi’s sauna business emphasized launching a new electric sauna heater lineup with outstanding design, energy efficiency, and safety features. The feedback has been positive, with plans for further launches at upcoming industry events. Progress on the Suomussalmi talk project revealed favorable economic viability, supported by updated mining plans and a modern processing facility near the mine site. Environmental impact assessments have been submitted as planned for regulatory review.

In Q2, Tulikivi saw an order intake of 8.2 Me, with a normalized backlog of 3.5 Me at the end of the reporting period, following a demand spike in 2023. External factors like energy prices and availability influenced Q1 demand. The company aims to exceed 50% growth in the number of dealers by the end of 2026, with the Jero lineup approved for US and Italian markets. Further product development and market expansion efforts are in progress.



Read more at GlobeNewswire:: Tulikivi Oyj puolivuosikatsaus 1-6/2024: Keskeiset hankkeet