Cramo Latvia “outpaced the market” in 2024

Photo: Cramo Latvia

Cramo Latvia has reported a 39% year-on-year increase in revenues for the 2024 financial year, with turnover reaching €4.8 million.

The company said the result significantly outpaced general market growth and reflects strong demand for its services in the Latvian construction equipment rental market.

Fleet size grew to over 2,000 units during the year, with investment focused on modern and sustainable equipment, including new-generation electric platforms, hybrid forklifts and zero-emission machines.

Managing director Dmitrijs Sazonovs said growth was driven by service flexibility, improved logistics and the company’s continued focus on fleet renewal.

“2024 was a year of positive momentum for Cramo Latvia – our turnover reached €4.8 million, which is a 39% increase compared to 2023,” he said. “This significantly outpaced general market growth, indicating a gain in market share.”

“Key growth factors included the flexibility of our services, efficient logistics, and investment in equipment modernization. We are also seeing growing client demand for equipment with lower CO₂ emissions and improved efficiency.”

Cramo Latvia, which operates three rental depots in Riga, is part of the Boels-Cramo Group also introduced unified Environmental, Social and Governance (ESG) standards across operations in 2024, and are currently being implemented in Latvia.

The company said it will continue to invest in fleet and service expansion in 2025, with further plans to develop its regional presence and improve customer accessibility.

Speaking to IRN last year, Sazonovs said the company would take both tactical and strategic approachs to reclaim a share of the market in Latvia.

He said that it would be done by a combination of expanding its customer base, the launch an e-commerce platform and mergers and acquisitions.

Interview: How Cramo plans to reclaim “leading position” in Latvia The company, which has three depots in the capital city of Riga