Olas Group, specializing in the construction of wooden geothermal homes, continues its impressive growth during a challenging period for residential construction.

The company’s revenue grew by more than one-fifth in January–July compared to the same period last year.

Olas has been described as a bright spot in the industry—and with good reason. While the sector has faced turbulence and even major bankruptcies, Olas shows no signs of slowing down.CEO Markus Alitalo also believes the rest of the year looks promising.

“We will certainly reach the forecasted growth of one-fifth. This means around 17 million € in revenue—possibly even more. Operating profit remains at about 10%,” says Alitalo, adding that Olas focuses on what matters most: acquiring plots,
planning, permitting, and customer service. Construction work and contracts are outsourced so the company can dedicate itself to offering the best possible service to its customers.

Profitability intact

Although the housing market has been sluggish and new apartment sales slow, Olas Group has no unsold completed apartments. Currently, three projects are under construction and one more is in pre-marketing, with the aim of launching still in 2023. Around ten more projects already have permits.

Business daily Kauppalehti reported in October about Olas Group’s five-year goal of reaching 100 million € in revenue. According to Alitalo, however, revenue isn’t “the main thing.” What truly matters is profitability, which must remain strong for customers to feel confident in buying homes. On this, there is no room for compromise—customer trust cannot be sacrificed. In the Kauppalehti interview, Alitalo noted that the biggest obstacle to growth across the industry is the lack of buyer confidence.

Olas’s secret lies precisely in customer service and trust, combined with carefully considered land acquisitions and continuous focus on profitability. With these strengths, Olas Group continues to grow, demonstrating resilience and the ability to adapt even in difficult market conditions.

A few key financial figures:

In 2022, Olas reported revenue of 14.2 million € and operating profit of 1.45 million €, corresponding to an operating margin of 10.3%.

Net profit was 7.4%, while the industry median (residential and other building construction) was 2.2% according to Alma Talent’s data services.

See available Olas homes here.

Further information:

Markus Alitalo
CEO
p. 040 545 9373
markus.alitalo@olas.fi