Destia’s financial statements and annual report for 2023 have been published

In 2023, Destia’s revenue amounted to EUR 640.6 million, increasing by over 6 per cent from the revenue in 2022 (EUR 603.4 million). In 2023, the comparable operating profit was EUR 23.6 million, which also increased compared to the previous year (EUR 20.0 million).

Destia’s profitability was stable despite the challenging operating environment. Profitability was improved by the favourable development of revenue and successful projects.

President and CEO Tero Kiviniemi comments on the year 2023

“Year 2023 was successful for Destia. Our revenue and comparable operating profit reached record levels again. We designed, built and maintained transport and energy infrastructure critical to society by implementing about 1,200 projects. Our success is based in particular on our motivated personnel, our strong corporate culture and the meaningfulness of our work. These elements are reflected in the satisfaction of our customers and personnel.

We grew our energy business in line with our strategy. For example, for Fingrid we are building the Järvilinja (Lake Line) power line for the main grid as well as Finland’s first synchronous condenser in Kalajoki. For OX2, we are building the Niinimäki wind farm in Pieksämäki.

The construction of rail traffic also played a significant role; we started work on the Kupittaa–Turku double track project, for example, in which we will improve the capacity of rail traffic and the safety of the area. The Kalasatama–Pasila tramline alliance proceeded as planned. We also maintain approximately 3,600 kilometres of the state railway network.

We are building Finnish society sustainably. Our goal is to be carbon-neutral in terms of our own emissions by 2030. In 2023, we reduced our own direct emissions by 32% compared to 2020 levels. The reduction in emissions was particularly attributable to the increasing use of renewable electricity and fuel.”

Financial performance and position

Key figures (IFRS), EUR million EUR20232022202120202019
Operating profit for the period20.317.521.114.713.5
% of revenue3.
Operating profit for the period, comparable23.620.021.516.211.4
% of revenue3.
Result for the period16.213.117.415.715.1
% of revenue2.
Return on equity, %27.323.126.822.021.5
Equity ratio, % *)30.028.432.132.531.9
Return on investment %28.525.126.815.816.2
Net gearing (Gearing) %-89.7-50.3-30.9-21.818.7
Personnel, average1,7441,6751,6471,6911,701
Occupational accidents resulting in absence from work **),
Order backlog at the end of the reporting period634.7663.2754.7708.6763.6
*) Deferred tax assets and deferred tax liabilities were offset for the first time in the financial statements for 2023. The key figures for 2022–2019 have been adjusted for comparability. These adjustments had an impact on the equity ratio, which improved 0.3% (2022 and 2021) and 0.2% (2020 and 2019).
**) Occupational accidents per million working hours.


Due to geopolitical uncertainty and the state of the Finnish national economy, the predictability of the operating environment is challenging.

The overall construction market in Finland is expected to decline in 2024 and the infrastructure construction market is also estimated to continue to decline. The change in the cost level is more moderate than in previous years. The outlook is improving in energy and rail transport investments. In 2024, the tender volume of major projects is at a high level.

The development of Destia’s project management and productivity, growth strategy in selected service areas, customer work and preparedness for changes in the operating environment create the prerequisites for the company’s profitable growth in 2024 as well.

Destia’s financial statements and annual report for 2023 have been published on the company’s website:

About Destia

Destia is the biggest infrastructure service company in Finland and part of the global Colas Group. We create the foundations of a well-functioning society by designing, building and maintaining traffic and energy infrastructure for tomorrow. We do this with the unique sense of infrastructure of our approximately 1,700 professionals. Our revenue amounted to approximately MEUR 640 in 2023.

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Johanna Harjula, Communications Manager
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