A successful 2020 for Harju Elekter – despite challenges

The Harju Elekter Group achieved a favorable result in 2020 despite major challenges, which required changes in order to continue delivering both equipment and products to customers in the Nordic region.

During 2020 Group sales revenue reached a historical high of MSEK 1 473, with operating profit (EBIT) twice as high as in 2019 at MSEK 66. The year finished strongly with an increase in sales during Q4 of 12.8%, and operating profit (EBIT) six times higher than for the same period in 2019. Thus Q4 2020 became our best quarter to date.

The Group’s largest markets are Estonia, Finland, Sweden and Norway. During 2020, sales in Sweden showed the greatest increase, from MSEK 183 (2019) to MSEK 270 (2020). Sales during Q4 nearly doubled compared with the same period in 2019. Sweden is now the Group’s second largest market after Finland. The increase in sales is mainly accounted for by increased sales of primary stations and substations, but also by a general growth in sales on the Swedish market.

Sales in Finland decreased slightly during 2020 to MSEK 690, partly due to a decline in orders from automation customers. Otherwise the highest number of sales were to customers in the electricity distribution sector. In Norway sales declined slightly during 2020, reaching MSEK 168, compared with a very strong 2019.

Significant factors for Harju Elekter’s favorable result during 2020 have been the investments and vigorous sales activities in the Group’s focus markets in the Nordics and the Baltic states during recent years.

During 2020 the Harju Elekter Group continued to invest in these regions with MSEK 46 invested in plant and equipment. In addition, the Group has invested in production technology, IT systems, and plots of land for possible future expansion.

Note: For conversions from EUR to SEK an exchange rate of 10.05 has been used.

Installation in Sweden with a technical shelter from Harju Elekter, low voltage switchgear and transformer.