General
FORCIT Group comprises three business units: FORCIT Explosives operates the civil explosives business and includes software related to drill and blast; FORCIT Defence is oriented towards the armed forces and manufacturers of defence materials; and FORCIT Consulting provides measurement, monitoring, consulting and training services. FORCIT’s goal is to continue developing its position as the Nordic market leader and preferred supplier of services, products and knowledge related to explosives, charging, and monitoring of environmental impacts. Within the Defence area, the goal is to be a preferred technology partner and leading system supplier in the global market for insensitive munitions.
FORCIT’s quality system is certified according to the ISO 9001 standard, and its environmental system according to the ISO 14001 standard. The Defence business is certified to NATO’s AQAP 2110 quality norms. Apart from the ISO and AQAP standards, the Defence business has also been accredited in compliance with the Finnish National Security Auditing Criteria (KATAKRI).
Financial overview
In 2024, the financial development of the company was positive, driven by growth in the Defence business unit. The overall European economic development and the challenging Nordic construction market resulted in a demanding business environment for the Explosives and Consulting business units. Price of energy and key raw materials remained largely stable.
The key figures below describe the development during the recent financial years. Group level operating profit improved in 2024 compared with 2023.
| The Group | 2024 | 2023 | 2022 |
|---|---|---|---|
| Net Sales, million Euro | 275.6 | 214.3 | 228.3 |
| Operating profit, million Euro | 47.0 | 26.6 | 26.9 |
| Operating profit as % of net sales | 17.1. | 12.4 | 11.8 |
| Return on equity (%) | 39.7 | 30.5 | 41.3 |
| Solidity % | 39.1 | 55.1 | 48.0 |
| Average number of employees | 620 | 553 | 533 |
| Salaries & renumeration, million Euro | 39.8 | 34.2 | 32.5 |
| The Parent company | 2024 | 2023 | 2022 |
|---|---|---|---|
| Net Sales, million Euro | 150.9 | 109.8 | 112.7 |
| Operating profit, million Euro | 16.9 | 13.6 | 13.6 |
| Operating profit as % of net sales | 11.2 | 12.3 | 12.1 |
| Return on equity (%) | 16.9 | 25.5 | 26.7 |
| Solidity % | 35.0 | 49.3 | 49.2 |
| Average number of employees | 338 | 288 | 265 |
| Salaries & renumeration, million Euro | 22.6 | 18.6 | 16.4 |
Sustainability
During 2024, the company progressed on its plan to reach CO2 neutrality in its operations by 2035. Furthermore, the company collected and analysed environmental and sustainability data in preparation for future CSRD reporting. The company made a Double Materiality Analysis and Gap analysis as a basis for CSRD and started the preliminary CSRD reporting work.
R&D work connected to sustainability focused on the recycling of emulsion components, and the further development of a nitrogen-free product range with high focus on securing the occupational safety aspects of a new explosives product. During 2024 more sustainable raw materials were implemented and evaluated. Forcit also engaged into a Business Finland coordinated project related to circular economy.
Safety and security
Safety is always FORCIT´s key priority. In 2024, the company continued to strengthen its safety culture, and the Lost Time Injury Frequency (LTIF) was zero (3.1 in 2023). Furthermore, positive progress was also made in Total Injury Frequency (TRIF), which was 6.5. The company continued developing its security policies and procedures, both related to cyber and physical security.
Personnel
FORCIT Group’s personnel continued to increase along with growing operations. At the end of 2024, FORCIT had 661 employees, an increase of 15% versus 2023. The sick absence declined further to 3.1% in 2024.
During the year, a personnel survey was conducted throughout the Group to measure personnel engagement and satisfaction. The results further improved and showed that the personnel’s engagement continues to be at a very good level with eNPS index at 50.
Administration
At Oy Forcit Ab’s Annual General Meeting on April 9, 2024, the board of directors was re-elected, consisting of Hans Karlander, Lauri Stadigh, Alexander Tallberg, Pasi Tolppanen and Edoardo Santamaria. Jori Harju was appointed a sixth member of the board in an Extraordinary General Meeting on August 15, 2024. Lauri Stadigh has continued as the chairperson of the board and Joakim Westerlund has continued as FORCIT Group’s CEO. The company’s auditors have been KPMG Oy Ab, with Christian Hällström as the auditor in charge, CGR.
The Board of directors’ proposal for the allocation of profits
If the annual accounts are accepted, Oy Forcit Ab’s general meeting has at its disposal
| Disposition fund | 52,183,720.62 EUR |
| Reserve for invested unrestricted equity | 1,050,463.00 EUR |
| Profit for the financial period | 32,207,061.35 EUR |
| Total | 85,441,244.97 EUR |
The board of directors proposes that the funds be allocated as follows:
| Paid out to the shareholders as a dividend: | |
|---|---|
| 70 euro/share | 13,961,570.00 EUR |
| Disposition fund | 70,429,211.97 EUR |
| Reserve for invested unrestricted equity | 1,050,463.00 EUR |
| Total | 85,441,224.97 EUR |
No significant changes have occurred in the company’s financial position after the end of the financial year. The company’s liquidity is good, and the proposed allocation of profit does not compromise the company’s solvency.
Shares in the company
The company has only one series of shares. Each share carries one vote at shareholder meetings and confers identical dividend rights.
| Number of shares | 2024 | 2023 |
|---|---|---|
| 201,160 | 201,360 |
The company still has a valid authorization to issue new shares. During the financial year, the parent company repurchased 1,955 of its own shares for a total of 1,973,493 euros, of which 540,667 euros were booked against the fund for invested unrestricted equity and 1,432,826 euros against retained earnings. 1,655 of the redeemed shares were owned by the company as of 31.12.2024.
Loans to related parties
The company has granted loans to group companies. The total amount of the loans are 318,039.60 euros and the loan period is a maximum 5 years. The loans are repaid in even instalments, and the interest is paid in conjunction with the loan instalment. The interest on the loans is variable. The loans do not have collateral.