Kaamos Real Estate 2024 Results: Strong Growth and Robust Operating Profit

Kaamos Real Estate concluded the 2024 financial year strongly, growing consolidated sales revenue to 66.1 million euros and operating profit to 20.6 million euros. Compared to a year ago, sales revenue grew by 72% and operating profit by nearly 131%, contributed by residential development, commercial real estate, and construction activities in Estonia and Latvia.

During the past financial year, several positive developments took place. Among other things, Mercedes-Benz service centers in Riga and Tallinn were added to the portfolio. The growth of apartment sales volume on the Latvian market continued. The commercial real estate portfolio maintained good occupancy and was supplemented with several long-term clients – Avala development's Polaris and Electra office buildings are fully occupied. By now, all Kaamos office buildings have also been assigned LEED or BREEAM environmental certificates.

"The 2024 results reflect Kaamos' team's determination and ability to create value across three business directions simultaneously. It is particularly encouraging that in a challenging economic environment, we managed to more than double our operating profit and strengthen our position on the Latvian market as well," said Kaamos Real Estate director Taimo Murer.

Strong growth in residential development

Residential development also showed significant growth. In total, 206 new homes were sold during the financial year, both in Estonia and Latvia. The most successful projects turned out to be the Vikimõisa development stages in Tallinn and MOHO apartment buildings in Riga.

Kaamos Construction

Under the leadership of subsidiary Kaamos Construction, a commercial vehicle sales and service center was completed in Tallinn during the past year, and in Latvia, the Mercedes vehicle service center was renovated in Riga. The largest construction project in Estonia was the construction of Pihlaka solar park in Kehra municipality.

"Our focus remains on creating a comprehensive and energy-efficient urban environment. In both residential development and commercial real estate, we create solutions that meet our clients' long-term expectations, not just short-term needs," added Taimo Murer

In 2024, Kaamos Real Estate continued actively implementing its sustainability program Green Kaamos. By now, all office buildings use green electricity. Among other things, Estonia's largest rooftop solar park in the Avala district produced over 1,295 MWh of renewable energy.

Kaamos Real Estate's return on equity rose to 12 percent, equity ratio reached 55 percent, and net profit grew to 15.5 million euros.