UPB Group increases its turnover to 250 million euros in 2023

According to the company's unaudited data, the consolidated turnover of the UPB Group has reached 250 million euros in 2023. The turnover is planned to be stable also this year, remaining at a similar level. It is expected that interest in new projects will increase in the 2nd half of this year, which will be reflected in the increase in turnover next year.

“The year 2023 has been relatively more stable and predictable in the construction and building materials production sector. We have adapted to the changes of the demand and increase of raw material prices, and also market fluctuations are no longer as sharp as they were in previous years. Thus, we can also ensure more steady load levels in our production plants and look forward with more confidence,” explains Dainis Berzins, the Chairman of the UPB Management Board.

He points out that in these circumstances UPB's diversified range of products and services has served as an advantage. This made it possible to respond more promptly to the market slowdown in Scandinavia, which is the main export region for the company. The planned project portfolio for 2024 has been completed in accordance with the company's goals, expecting that greater market activity will resume in the 2nd half of this year; therefore, the Chairman of the UPB Board makes forecasts for this year with cautious optimism, predicting greater growth in 2025.

The largest façade project in the history of UPB

At the end of last year, the UPB Group completed the assembly of the largest unitized façade in its history for the Mary Elizabeth’s Hospital in Copenhagen, Denmark. The façade delivered for the children's hospital was highly complex due to both its size and strict technical requirements. A prestigious façade project for an 11-storey office building in the centre of London has also been completed. By this project, UPB continues strengthening its position on the British market, which is one of the company's long-term goals. The implemented façade also highlights the internal synergy of the UPB Group, as it combines several products manufactured by UPB.

In general, in 2023, export activities accounted for more than a half of the total turnover of the UPB Group, retaining the main focus on the Scandinavian countries. Several projects have made it possible to highlight UPB's competences in engineering and production of high added value products by exporting complex large-sized façade elements.

Stable growth has also continued in the machinery division, reaching a 22% increase in turnover compared to the year before. This has been driven by the successful execution of major and complex projects, including significantly expanding export to countries such as the USA and Great Britain. 

Focus on industrial objects on the Latvian market

In 2023, such important construction objects as the Daugava Stadium Athletics Arena, built according to the “Design and Build” principle, and the Children and Youth Mental Health Centre of the Children's Clinical University Hospital were completed in Latvia. In general, the design, engineering and construction areas have been active on the local market, and several new industrial and office projects have been started for manufacturing companies of various industries such as Knauf's new office, production facilities for Rettenmeier Baltic Timber and Latvijas Finieris. The energy project sector was also active, with the construction of wood chip boiler houses in several cities in Latvia.

The cooperation started with Vastint Latvia within the project “Magdelēnas kvartāls” has also been noteworthy. For this project, UPB ensured the production and assembly of the frame structures and the façade, and it was built according to the “off-site construction” principle allowing reducing the amount of work to be done on site. According to Dainis Berzins, the Chairman of the UPB Management Board, this approach is one of the tendencies that should be developed more widely also on the Latvian market, looking for ways to make the construction sector more efficient.

The year 2024 is planned to be dynamic in the Latvian construction industry, focusing on complex industrial projects, as well as on improving processes and qualifications allowing UPB to be even more competitive in the future.