Harju Elekter Group's Q1 2025 revenue decreases by 20%, but operating profit and net profit increase significantly.

From GlobeNewswire: 2025-04-24 00:00:00

Harju Elekter’s revenue in the first quarter was 37.4 million euros, a 20% decrease from the previous year. Operating profit saw a significant increase to 2.8 million euros, up by 186%. Net profit also rose to 2.6 million euros, a 630% increase influenced by the EUR/SEK exchange rate change.

Despite the positive financial results, internal political developments and global transformations pose challenges. Uncertainty from US news and economic instability in Baltic and Scandinavian countries affect customer orders. However, Harju Elekter enters the peak season with a strong order book, thanks to past restructuring efforts.

The first quarter saw a decline in revenue from electrical equipment sales, totaling 34.1 million euros. Operating expenses decreased by 22%, mainly in cost of sales, distribution, and administrative costs. Labour costs were also lower, contributing to improved profitability metrics.

By market, Estonia, Finland, Sweden, and Norway accounted for 79% of total revenue, with Finland being the largest market despite a revenue decrease. Notable growth was seen in the German market. Investments in non-current assets focused on production technology and process management systems.

The company’s share price closed at 4.67 euros on the Nasdaq Tallinn Stock Exchange. The consolidated statement of financial position shows total assets of 168.1 million euros and total liabilities of 75.0 million euros. Equity attributable to the owners of the parent company is 93.1 million euros.

In the first quarter of 2025, Harju Elekter reported a gross profit of 5.7 million euros and an operating profit of 2.8 million euros. The company’s earnings per share for the quarter were 0.14 euros. The consolidated statement of profit and loss shows a profit for the period of 2.6 million euros.

The Group’s financial outlook for 2025 is positive, aiming for sustainable growth. Strategic investments in assets and markets alongside cost management efforts continue to support Harju Elekter’s financial performance and market presence.



Read more at GlobeNewswire:: Harju Elekter Group financial results, 1-3/2025