Last year, Modus Group’s revenue rose by 26% and EBITDA by 30%
The revenue of Modus Group (UAB Modus Grupė) reached EUR 342.94 million, the company earned EUR 28.54 million before interest, taxes, depreciation and amortization (EBITDA). Compared with 2017, the company’s revenue and EBITDA rose by 26% and 30%, respectively.
“Last year we were actively developing new projects and investing in many areas of our activity, which contributed to the rapid growth of Group’s revenue. It has been boosted by the development of renewable energy projects in Lithuania and neighbouring countries – Poland and Belarus. Consistent growth of CityBee in Lithuania and entering Poland as the first foreign market also contributed to the results. Modus Group's car businesses have been successful as well. Positive impact on revenue was also achieved through the merger of the parking companies UniPark and City Parking Group,” said Liudas Liutkevičius, chairman of the board of Modus Group.
Fastest revenue growth in 2018 was observed in Modus Group's activities in energy and mobility. Revenue of the energy companies belonging to Modus Group increased by almost 115%, while businesses related to mobility services increased revenue by 99%.
Last year, Modus Group companies’ investments in various fields of activity in Lithuania and markets abroad increased fourfold and amounted to EUR 64.73 million. The biggest share of the investments – EUR 50.34 million – was directed to energy projects, while EUR 10.1 million were assigned to the development of businesses related to mobility services. A large part of the investment was dedicated to business development abroad.
According to Mr Liutkevičius, these investments reflect the long-term growth priorities of Modus Group – green energy and innovative mobility services. In addition, growing number of new projects are being implemented outside of Lithuania. Last year, five new biogas plants were built in Belarus, construction of a solar power plant in Poland began, energy projects in other European countries were developed and CityBee entered its first foreign market.
Main investments in 2019 are planned in the fields of renewable energy and mobility solutions – Modus Group plans further rapid growth in these areas.