2019 08 05

Press Release

Mitnija forecasts 8 percent growth in 2019 and will maintain its leading position in Lithuania

Mitnija, the largest construction company in Lithuania, reports almost EUR 45.7 million in sales during January-June 2019, up more than 12 percent compared to the first half of 2018 (EUR 40.6 million). The company forecasts that its consolidated 2019 sales will amount to EUR 115 million or 8 percent more than in 2018, when sales totaled EUR 107 million. On July 1, 2019, Mitnija’s order backlog was almost EUR 200 million.

During the first half of 2019, Mitnija received 99.3 percent of its revenue from private sector orders and 0.7 percent from the public sector. A similar proportion of private orders will continue throughout the year.

During the period, Mitnija received 76 percent of its revenue from orders in Lithuania and 24 percent from the United Kingdom and Latvia. It forecasts that 80 percent of full-year 2019 revenue will come from construction services in Lithuania, while the other 20 percent will be from orders in Latvia and the UK.

Julius Gendvilis Mitnija 01 1 - Mitnija forecasts 8 percent growth in 2019 and will maintain its leading position in Lithuania

Mitnija’s CEO Julius Gendvilis says that in 2019-2020 the growth of the company will be stable and sustainable, helping it maintain its top position in Lithuania and further expand its business in other stable European markets.

“This year we have further strengthened confidence in us among the largest real estate investors, received three major orders in Lithuania, and maintained stable operations in other markets. I am certain that we can maintain a solid portfolio of orders and sustainable growth because of our high-quality services, timely completion and constant improvement. Our priority has always been, and will remain, to focus on the most important things – clients, employees and the efficiency of our operations. We will continue to develop our talented team as well as ensure professional services and quality customer care. In 2019-2020, we are planning further expansion in the United Kingdom and Latvia. We will also expand our Design & Build service, optimize internal processes and give even greater attention to expert management of construction risks, work safety and environmental protection.”

Vilnius Business Garden Vastint Mitnija 01a - Mitnija forecasts 8 percent growth in 2019 and will maintain its leading position in Lithuania

Mitnija is currently building some of the largest property development projects in Lithuania. These include the third and fourth stages of the S7 business center in Vilnius, developed by M.M.M. Projektai (total area 51,000 sq. m); the 55,000 sq. m Business Garden Vilnius office project, developed by Vastint Lithuania; the 62,000 sq. m Vilnius Outlet shopping and entertainment center, developed by the Ogmios Group; and a 30,000 sq. m business and public complex, a project of the Darnu Group in the newly developed Paupys district of Vilnius.