In 2022, the increased global demand for low-​emission burners and heat pumps boosted Oilon Group’s turnover by almost one fifth. We con­tinue to seek strong growth in the inter­na­tional market by invest­ing in strong product devel­op­ment and cor­por­ate respons­ib­il­ity.

In 2022, Oilon Group’s turnover increased to EUR 85.2 million, which cor­res­ponds to approx­im­ately 18 per cent growth. Oper­at­ing profit increased to EUR 3.5 million (in 2021: EUR 2.4 million). The profit for the fin­an­cial year was EUR 2.7 million (in 2021: EUR 0.6 million).

The result for the oper­at­ing year was burdened by both high infla­tion and one-off costs asso­ci­ated with dis­con­tinu­ing the group’s oper­a­tions in Russia. Even though the company’s growth was limited by the global short­age of com­pon­ents, the achieved growth rate was in line with the company’s stra­tegic goal. Heat pumps were the fastest growing busi­ness.

“I’m extremely happy with the devel­op­ment and growth of our busi­ness last year. We faced a chal­len­ging oper­at­ing envir­on­ment, but the global effort towards redu­cing depend­ence on fossil fuels is favor­able for Oilon. Despite the current climate, we con­tinue on the growth path laid out in our strategy,” says Oilon Group’s CEO Tero Tulokas.

Oilon products are an excel­lent tool for pro­mot­ing the green trans­ition. You can use heat pumps to utilize waste energy from pro­cesses and renew­able energy sources, such as ground source heat. Oilon burners, in turn, can fire renew­able fuels and, having extremely low emis­sions, min­im­ize the envir­on­mental impact of com­bus­tion.

Growth in EMEA markets and North America

The company’s growth markets include the EMEA region and North America. Oilon’s busi­ness is expand­ing most rapidly in North America, and we expect con­tin­ued strong growth for the current year. Tra­di­tion­ally, China has been an import­ant market area for Oilon. In the last years, China’s rel­at­ive import­ance has decreased, as other markets have exper­i­enced growth.

“We can count the strong growth in our key markets as a success story, and the same applies to the fact that we managed to keep our pos­i­tion in China despite the chal­len­ging market con­di­tions,” Tulokas says.

Oilon’s advant­ages for recruit­ment: strong growth and mean­ing­ful work

Oilon engages in active recruit­ment, espe­cially to fill out roles in our European and North Amer­ican oper­a­tions. To sustain growth, we need wide-​ranging expert­ise for dif­fer­ent tasks in R&D, sales, pro­duc­tion, and admin­is­tra­tion. At the end of 2022, the number of per­son­nel was 403. Two thirds of the company’s staff was based in Finland.

“We will con­tinue to act­ively recruit new employ­ees in the future. Our advant­ages for recruit­ment are the mean­ing­ful work we offer, the pos­it­ive outlook of our busi­ness, and our strong com­mit­ment to product devel­op­ment,” Tulokas says.   

Inter­na­tional recog­ni­tion

Oilon invests heavily in research and devel­op­ment activ­it­ies. The company’s R&D and engin­eer­ing team is cur­rently 70 people strong (17% of the company staff). Moreover, the company reserves approx­im­ately 6 per cent of the annual turnover for product devel­op­ment.

In addi­tion to success in busi­ness, R&D gen­er­ates inter­na­tional recog­ni­tion. In 2022, Oilon and energy company Helen won the European Heat Pump Asso­ci­ation award for the best heat pump project in Europe.

In Brazil, Oilon was recog­nized with the Prêmio Conciência Ambi­ental Immensità 2021 sus­tain­able devel­op­ment award for a project where the local Wyndham hotel was able to com­pletely phase out fossil fuels thanks to a heat pump solu­tion.

Oilon is a family-​owned, global energy and envir­on­mental tech­no­logy company, founded in 1961. Envir­on­mental tech­no­logy is at the heart of our busi­ness, and we are a global fore­run­ner in our field. The company invests heavily in research and devel­op­ment with special focus on solu­tions based on new energy sources and energy recyc­ling as well as improv­ing energy effi­ciency and redu­cing emis­sion levels.

In 2022, Oilon’s turnover was EUR 85 million, and we had approx­im­ately 400 employ­ees. The company’s busi­ness is on a high growth path. Oilon has oper­a­tions in Finland, USA, and China, and we have sales offices in Brazil and Germany. Our extens­ive network of resellers spans the globe.

Addi­tional inform­a­tion: CEO Tero Tulokas, tero.tulokas@oilon.com, +358 44 7576 257