26.02.2025
What were the main business results for 2024?
In 2024, we had a very successful year in every aspect. We made significant progress by engaging in new projects and completing some long-term ones. Additionally, we advanced through various stages of ongoing projects. While faced some challenges, these experiences taught us valuable lessons.
One of our key achievements in 2024 was our involvement in the green energy sector, specifically through partnerships in developing several photovoltaic parks. We are strong advocates for renewable energy and strive to contribute as much as possible. On the retail and industrial front, we successfully delivered several projects. For instance, we partnered with Kaufland as they expanded into multiple cities across the country, providing Project Management support for their new locations. We are pleased with the outcomes. We also met our deadlines for the warehouses located in Ghiroda, Turda, and Sibiu.
In terms of ongoing projects, we made significant progress in hotel development, working on seven projects simultaneously. We are excited to announce that the Grand Hotel du Boulevard, situated in the heart of Bucharest, is now open. Furthermore, we are actively involved in restoring historical monuments and developing one of the most anticipated retail spaces in Bucharest – the Stirbei Palace, which promises to be a unique project in Romania.
Overall, we can confidently state that 2024 was a successful year, with progress aligning with our expectations. We look forward to 2025, hoping for continued stability and market growth at a similar pace.
What are the company’s business targets and plans for 2025?
In 2025, we anticipate that the market will maintain its current pace. We are optimistic about achieving results similar to those we experienced in 2024. Our focus will be on continuing our successful projects and exploring new opportunities for growth. We are committed to delivering quality and value to our clients, and we believe this approach will lead to another successful year. A difference that we expect from 2025 is the growth of delivered projects. We work on the final stages of a few projects and we are preparing to deliver and see the final results.
What regions or construction segments (residential, commercial, infrastructure) do you see as growth drivers in Romania for 2025? What key factors are driving growth in the construction market for 2025, and how is Vitalis positioning itself to capitalize on these opportunities?
In 2024, a higher interest of developers in the hotel industry was observed. Due to the development of infrastructure and the modernization of major cities in the country, Romania is experiencing an increase in tourism. Thus, in recent years, international brands (Swissotel, Corinthia, Mercure, Ibis) are developing accommodation units locally. As developments per regions, we see greater development in secondary cities. We have construction sites open in different regions of the country – Alba Iulia, Sinaia, Cluj, Brasov, Turda, Satu Mare, Bacau. So, we do see a significant growth in these regions.
In the industrial and commercial areas there were many deliveries completed last year. We believe that 2025 will maintain the same evolution.
What economic pressures (e.g., inflation, material costs, work force issues) or regulatory changes do you anticipate impacting the construction market in 2025, and how is your company preparing for them?
We recognize that there are challenges ahead for 2025, and we are ready to adapt to overcome them. One significant issue is inflation and rising costs, which have affected all areas of business. As entrepreneurs, we must effectively manage these challenges to optimize costs while maintaining the quality of our delivered product. Our goal is to ensure client satisfaction and build trust.
To achieve this, we prioritize open and transparent communication from our very first meetings. We collaborate with our clients to create an accurate budget, identify potential risks, and develop a project management plan together. Throughout the project, we provide continuous supervision and are always available to address any issues that arise. We also keep clients informed about material prices from the beginning to avoid any unexpected higher costs later on.
While inflation and political instability do create some turbulence in the real estate and development sectors, we are committed to managing these challenges. We understand that laws, authorizations, and procedures are constantly changing, and the current economic climate has its impact. Regardless of these conditions, we are dedicated to delivering successful projects.
