Profitability Rates of Moduls Engineering up in 2020

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Last year, the LLC (SIA) “Moduls Engineering” significantly increased the company’s profitability rates reaching 19.53%, compared to 9.41% in 2019. Profit rates have also shown significant growth, reaching EUR 536,730 despite the 24% fall in turnover (in 2020 – EUR 13,280,567). The decrease in turnover can be explained by the declaration of the nationwide emergency situation in March 2020 and the adopted restrictions aimed at prevention of the spread of the Covid-19 infection.

The company’s main lines of business are designing engineering and technical and electrotechnical networks, construction and post-warranty service. Specialised services and a professional team enable the company to implement voluminous and intricate projects providing the construction of complex internal utilities within the construction sites. According to the specifications of each particular object, the company performs the construction, operational control and management of power supply and lighting, water supply, sewerage, heat supply, heating, ventilation, air condition, low-current and all the engineering and technical systems within the construction projects.

In 2020, the LLC (SIA) “Moduls Engineering” performed the construction of electrotechnical and engineering technical networks in several significant objects. In the new building of Riga State Classical Gymnasium, the construction of internal heating, ventilation, air condition, water supply and sewerage system, as well as internal and external power supply and low-current networks has been performed. Interior refurbishment works of building No. 17 and the creation of the surgery block have been completed at the LLC (SIA) “Rīgas 1. slimnīca”; rebuilding and the automation of internal heat supply systems has also been performed in pre-school educational institutions of Riga; works of phase B2, stage B at Mežaparks Great Bandstand have also been performed comprising the construction of internal engineering networks and systems of the venue’s building and the construction of building security engineering networks and external engineering networks and systems.
“I believe that the financial performance indicators of 2020 clearly show that as a stable company we are also able to operate under the circumstances of the unexpected crisis, which was caused by the worldwide spread of the Covid-19 infection. Any precise modelling as to further changes in the situation is currently not possible, however, the significant price rises already affect the development of the construction sector very significantly. The situation is not only tense in Latvia, but also in other markets. Therefore, we will gradually further strengthen the specialisation and professionalism of our team to continue growing our competitiveness in the areas of engineering technical and electrotechnical networks”, explains Mr Kristaps Grīniņš, Board Member of the LLC (SIA) “Moduls Engineering”.

“Moduls Engineering” is a part of the JSC (AS) “MN Holding” group of companies, and 2021 marks the 27th year of the company’s activity. During these years, the company has grown from a luminaire trader to become one of the leading construction companies in the segment of engineering and technical and electrotechnical networks.