For the construction company EIKA Construction (formerly Eikos statyba), 2024 was a year of impressive projects: the Vilnius Airport departure terminal has been completed and is awaiting opening, the modern Vilnius University Medical Science Center built by the company has been operating since August, and the management of the Tauros Kalnas territory has been completed. In 2024, EIKA Construction received the largest order in the company’s history, worth 125 million euros, on the basis of which it will contribute to the construction of the Rūdninkai military training ground infrastructure. Other ambitious plans are also being laid for this year, the implementation of which the company is preparing to increase the number of employees.
Some complex projects are replaced by others
“The past year has been truly extraordinary for our company. We have completed several complex projects that required special technological knowledge, the ability to delve into specific needs, and highly qualified specialists – now we can confidently say that we have managed to overcome all the challenges that arose and over the years we have each grown as a professional, and all together as a company,” said Almantas Čebanauskas, CEO of EIKA Construction.
In August 2024, the company won the largest order in history and will implement the first phase of the Rūdninkai military training ground infrastructure project worth 125 million euros.
“The preparation alone lasted a year and a half, and now we have already started the preparatory work. We see that the implementation is going smoothly and we set ourselves the goal of completing this project 10% faster than planned – after all, we all understand its importance and feel responsible not only to the clients, but also to Lithuanian society,” commented A. Čebanauskas.
There were many challenges, but the company’s profitability grew
EIKA Construction’s revenue decreased by about 20 percent in 2024, but the company’s profitability increased, which was determined by stricter and more efficient cost management. The majority, more than 80 percent, of the company’s revenue came from public sector projects.
“We also had to respond to the challenges that arose. We noticed that due to increased competition, projects are being won at prices 10-15% lower than a year ago. On the one hand, this is good news for customers, but we must not forget that the projects won need to be implemented, and it is always very important for us to ensure quality, because our reputation has been based on this for more than twenty years. We notice that the entire market is facing difficulties in attracting employees from third countries – it seems that we will have to think about this this year as well. The availability of qualified labor and subcontractors was a concern, which I think all market participants also felt,” said A. Čebanauskas.
According to him, although indexation helps reduce risks, risks remain due to rising prices and meeting deadlines.
Preparing to enter new areas
The head of EIKA Construction revealed that this year the company will aim for 6-8 strategic projects to reduce the risk of a shortage of orders. The trend in recent years shows that the public sector is increasingly dominating among customers, which will receive a lot of attention, but is not limited to it.
“We plan to actively participate in defense and transportation infrastructure projects and explore the residential building market. We are preparing to expand our activities and strengthen our positions in the construction sector, therefore we are interested in opportunities to enter new areas that are currently being explored. As for the projects already being implemented, we set ourselves the goal of continuing to complete them faster than planned. Taking these plans into account, in the coming years we are preparing to increase the number of employees and grow as a company,” said A. Čebanauskas.
“We are monitoring market changes, analyzing new areas of activity, such as transportation communications. Despite the challenges, we remain positive and are preparing for new large projects,” he said.