UPB group closes 2024 with a turnover of 220 million

UPB group’s consolidated turnover in 2024 reached EUR 220 million and according to the company’s unaudited financial data, the year ended with a profit. Last year, the company completed large-scale projects not only in Latvia but also in Sweden, the United Kingdom, Norway and other countries, increased the scale of industrial and energy construction, and started implementing the principles of circular economy in construction. UPB plans to increase investments in development by 44% this year and forecasts a growth in turnover of around 10%.

 

“Central banks’ measures to curb inflation have had a significant impact on the construction sector. However, despite the difficult conditions, we have managed to significantly increase our turnover in the Latvian market and maintain a stable position in the industry. Meanwhile, in our export regions, especially Scandinavia, 2024 was marked by one of the lowest activity rates in the last decade. However, signs of market recovery were already visible in mid-2023, and we expect activity at our production and construction sites to increase in the second half of 2025, which will also be reflected in this year’s financial results,” explains Dainis Bērziņš, Chairman of the UPB Board.

UPB expands industrial and energy construction in Latvia

In Latvia, UPB continues to develop industrial construction by implementing several significant projects. These include Latvenergo’s Laflora Energy wind park – the largest facility of its kind in Latvia – and Baltic Cargo Hub, a specialised aviation cargo handling centre. Also The construction of the new tree nursery complex “Zābaki” for Latvijas Finieris, which includes innovative timber construction solutions, as well as the expansion of the Rettenmeier Baltic Timber production complex in Inčukalns, will soon be completed.

Among the most important completed projects are Knauf’s new office building in Saurieši and the restoration of the Museum of Literature and Music in Old Riga.

In the energy sector, the construction of two environmentally friendly biomass boiler houses, as well as the design of the new resin plant of Latvijas Finieris have been completed, where active construction work started this year.

UPB successfully operates abroad in the field of high-rise buildings and façades

Strengthening the company’s position in the construction of high-rise buildings, the 90-metre office building Sickla Central in Stockholm was completed in 2024, where UPB provided the complete frame and facade construction, integrating all the building structures manufactured by UPB. In Denmark, the facade of the 23-storey Carls Tårn residential building has been completed.

Last year, a significant part of UPB’s portfolio consisted of prefabricated concrete façade projects, with a variety of decorative finishes, including the brick finish used in the Flow Hyllie and Ballongflygaren projects in Sweden. In building frame projects, alongside concrete and steel, timber is increasingly being used as one of the building materials. This tendency is not only observed abroad but also in Latvia.

Continuing the work in the infrastructure segment, the group’s company RK Metāls has delivered the longest continuous bridge to date, reaching 50 metres, for a project in Sweden, while in Norway a challenging bridge project was carried out, which crossed the country’s main railway line, making the installation work technically complex.

In 2024, the company also strengthened its presence in the United Kingdom with the launch of two new façade projects in London – a 31-storey residential building on Byng Street and the 3 Copper Square office building with GRC concrete façade, which has become a sought-after solution in Great Britain.

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UPB plans to increase development investments by 44%

The company continues to invest in technology and automation to increase production efficiency and expand technological capabilities.

In the mechanical engineering division, more than EUR 1 million has been invested in the modernisation of the production plant. Most of the investment has been directed to the purchase of a large milling machine, which increases the level of automation in the plant and improves the ability to carry out complex projects with high precision and efficiency.

Last year, the Ādaži plant of the group’s company Transportbetons MB was modernised, making it the fifth fully renovated ready-mixed concrete production plant in recent years.

This year, UPB also plans to make substantial advancements in development increasing the volume of investments by 44%. A major portion of the funds will go toward modernising the prefabricated concrete plant, as well as to renovate the ready-mixed concrete plants and the transport fleet. These enhancements will not only improve production efficiency and capacity but will also reduce emissions, contributing to more sustainable operations.

Sustainable construction: from strategy to practical solutions

UPB invests purposefully in research and development to ensure that the solutions offered meet the growing demands of the market. In Sweden, for example, environmental objectives are often weighted equally with financial aspects in major projects.

“To meet the climate neutrality requirements of our customers, sustainability solutions need to be integrated throughout the project and product life cycle. Already at the early stages of projects, our experts carry out detailed calculations to ensure the optimal structural solution for the building. We also work closely with raw material suppliers, offering building materials with lower emissions. An important step has already been made in our concrete product portfolio, developing a product line with reduced CO2 emissions, which has already been appreciated by our foreign customers,” emphasises Dainis Bērziņš.

UPB has also started to work in a relatively new direction for the industry – the introduction of circular economy principles in construction. At the end of last year, reused prefabricated concrete structures were integrated in one of UPB’s construction projects in Stockholm, and this approach will become increasingly important in the future.

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