PST Group, one of the largest construction company groups in Lithuania, reported consolidated revenue of EUR 100.678 million in 2024, which was 15.9% lower compared to the previous year. The Group also recorded a loss of EUR 6.154 million.
'2024 was a challenging year for business. The decline in total revenue was influenced by the project-based business model, while profitability was affected by macroeconomic factors: increased costs due to an inflation and a growing employee wage fund, along with the difficult economic situation in the Scandinavian real estate markets, where several subsidiaries are concentrated', notes Tomas Stukas, CEO of PST Group.
He stated that, despite these challenges, the company remains optimistic about the future: 'Over the past few years, we have implemented a business transformation, focusing primarily on strengthening the management team, refining operations, enhancing process control and efficiency, and developing a clear business strategy. This year, we solidified these changes with a renewed name and brand. This serves as a foundation for future growth.'
The PST Group of companies, together with PST Group AB, comprises 12 branches and subsidiaries, including Kingsbud, Hustal, Stadus, Aliuminio fasadai, and Šeškines projektai, which manages the U219 business centre, etc.
The Group's largest company, PST Group AB, generated EUR 71.875 million in revenue last year - 10.99% less than the previous year. It recorded a net loss of EUR 4.923 million. According to Stukas, the company had to absorb significantly increased project costs due to inflation, while opportunities to change the fixed prices stipulated in long-term contracts with clients were limited. One-off asset impairments also contributed to the operating loss.
PST Group AB is one of the largest and longest-operating construction groups in Lithuania, implementing infrastructure, industrial, commercial, and residential projects. The Group's companies are engaged in construction, design, development, management, and investment of real estate projects, as well as in the design, production, and installation of construction products. PST companies currently operate directly in Lithuania, Poland, and Latvia, and some of their services and products are exported to Northern and Western European markets.
For more information contact:
Tomas Stukas
Managing Director
PST Group AB
Phone: (+370 618) 21360
