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🇫🇮 Finland /Economy & Trade

Green Shift Fuels Strong Results for Finnish Companies

From Helsingin Sanomat · (6m ago) Finnish Positive tone

Translated from Finnish, summarized and contextualized by DistantNews.

TLDR

  • Despite Finnish pessimism, many Finnish companies are reporting strong financial results, driven by global crises and the green transition.
  • Key sectors like finance, energy, and manufacturing are showing significant profit increases, with companies like Nordea, Neste, Fortum, and Wärtsilä exceeding expectations.
  • Major deals, such as Kone's acquisition of TK Elevator and Meyer's shipyard orders, highlight the robustness of Finnish industry, even amidst political criticism of the green transition.

Contrary to the ingrained Finnish tendency towards pessimism, a wave of surprisingly positive financial news is emerging from the country's corporate sector. At Helsingin Sanomat, we've observed that many Finnish companies are not just surviving but thriving, often leveraging global challenges and the ongoing green transition to their advantage. This resilience and success stand in stark contrast to the often-voiced skepticism, particularly from certain political factions, regarding the economic viability of environmental initiatives.

Jos tuloksesta haluaa poimia jotain huonoa, niin se on nurinkurisessa kohtaa. Luottotappioita ei ollut käytännössä lainkaan.

— Timo RitakallioOP Group's CEO Timo Ritakallio noted that the low level of credit losses was almost non-existent, implying a very stable financial situation.

From the financial sector, where Nordea reported substantial profits, to energy giants like Neste and Fortum benefiting from increased demand and higher prices spurred by geopolitical events, the trend is clear: Finnish businesses are demonstrating remarkable adaptability. Manufacturing and technology firms like Wärtsilä are also seeing a surge in orders, driven by the global need for data centers and greener shipping solutions. Even traditional industries are innovating; SSAB's plants in Raahe and Hämeenlinna are moving towards carbon-neutral production, showcasing a commitment to sustainability that is also proving profitable.

Bisnes on viritetty sillä silmällä, ettei nyt vaan sattuisi mitään.

— Timo RitakallioTimo Ritakallio commented that the business is set up in a way to avoid any negative occurrences.

The article highlights significant strategic moves, such as Kone's historic acquisition of TK Elevator, which positions the Finnish company as the world leader in the elevator business. Similarly, the Meyer Turku shipyard securing orders for two massive cruise ships underscores the strength and long-term prospects of Finland's industrial base. While some political voices, notably within the Perussuomalaiset party, criticize the green transition as detrimental to taxpayers and businesses, the financial performance of these leading Finnish companies suggests a different reality. They demonstrate that embracing sustainability and navigating global complexities can indeed lead to robust economic growth and international competitiveness, a narrative that resonates strongly with our readership's pragmatic outlook.

Erityisesti perussuomalaiset ovat kritisoineet teollisuuden, energiantuotannon ja palveluiden vihreää siirtymää. Tällainen murros ei ole puolueen mielestä veronmaksajien eikä yritysten etujen mukaista.

— Helsingin SanomatThe article notes that the Finns Party has criticized the green transition in industry, energy production, and services, arguing it is not in the best interest of taxpayers or businesses.
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Originally published by Helsingin Sanomat in Finnish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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