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Merko Group
The purpose of this edition of Merko Times is to give an overview of Merko group’s state of affairs at year-end, as we are looking into the challenges of the coming years. Among other topics, it includes a summary and comments about significant market developments as well as organisational changes during 2023, that have laid a foundation for our teams in all countries to take the company forward. The information of this publication is intended for our group employees only. We hope you find this useful and interesting.
We are about to close the 2023 business year, and our minds are already in the future as we are drawing up plans for 2024-2025. In the next years we expect the group’s revenue composition to change – the share of construction services will increase, and residential development will decrease. Merko brand is known and trusted. This is not a bad spot to be in current uncertain market environment.
We have been and continue to be successful – we have built quality homes for more than 10,000 families and we are one of the most prestigious residential developers in the Baltic countries. Now we face a completely new market situation to which we must adapt. One thing is certain – thousands of new families will move into Merko's high-quality homes, whether at a faster or a slightly slower pace.
Group Management Structure
As of 1 January 2024
While we have been very successful in integrating our residential development and construction service business lines to add value to one another, they differ by nature and risks and the future will bring new regulatory challenges. Therefore, we took steps this year to operate development and construction activities under different legal entities within the group, along the lines of the structure we have had in Lithuania for over a decade. Close cooperation between countries and entities will continue and we will share the same values as One Merko.
New homes for thousands of families
In 33 years, we have built quality homes for more than 10,000 families. This year adds over 2,500 new homes in Tallinn, Riga, Vilnius and Tartu.
Strong portfolio of future developments
We have a strong portfolio of future development projects, our land investments provide an inventory of development projects at least for the next ten years. Thousands of new families will move into Merko's high-quality homes, whether at a faster or a slightly slower pace.
Record high contract portfolio
We have signed a record volume of new contracts over the last 12 months and our contract portfolio stands on a record level. Defence and city infrastructure, wind parks, and public buildings make up the bulk of the group’s construction works ahead. Our construction teams are strong and our focus should be tweaked towards project profitability and risk management, not just volume.
How are we doing in Estonia, Latvia, Lithuania?
The Time of Black Swans – this is what I would call the beginning of the current decade. Fortunately, over the 25 years, we have established a solid foundation for the long-term success of our business.
Same Merko,
slightly newer look
Although having a firm brand position and functioning green core identity in construction and real estate fields, we felt the need for an update to better reach out to our target groups, across today’s multiple channels. We updated our visual brand to attact next generation professionals and speak to present-day homebuyers, but at the same time preserve our renowned brand position and stay trustworthy.