Incap Corporation        Stock exchange release           27 April 2022 at 8:30 a.m. (EEST)
Business review Q1/2022

Incap Group’s business review for January–March 2022 (unaudited): Revenue and EBIT growth continued

This release is a summary of Incap’s business review for January–March 2022. The complete report is attached to this release as a pdf file and available on the company’s website at

January–March 2022 highlights

  • Revenue increased 41.4% and amounted to EUR 53.3 million (1–3/2021: EUR 37.7 million).
  • Adjusted operating profit (EBIT) increased 22.0%, amounting to EUR 7.0 million (EUR 5.7 million) or 13.1% of revenue (15.2%).
  • Acquisition related purchase price allocation (PPA) amortisation amounted to EUR 0.1 million (EUR 0.2 million) and non-recurring costs were EUR 0.1 million (EUR 0.1 million).
  • Operating profit (EBIT) increased 22.8%, amounting to EUR 6.8 million (EUR 5.5 million) or 12.7% of revenue (14.6%).
  • Net profit for the period increased 19.7% and amounted to EUR 5.5 million (EUR 4.6 million).
  • Earnings per share were EUR 0.93 (EUR 0.78).

Unless otherwise stated, the comparison figures refer to the corresponding period in 2021. This business review is unaudited.

Key figures

EUR million 1–3/22 1–3/21 Change 1–12/21
Revenue 53.3 37.7 41.4% 169.8
Non-recurring items 0.1 0.1 57.0% 0.3
Operating profit (EBIT) 6.8 5.5 22.8% 26.0
EBIT, % of revenue 12.7% 14.6%   15.3%
Adjusted operating profit (EBIT)* 7.0 5.7 22.0% 26.8
Adjusted EBIT*, % of revenue 13.1% 15.2%   15.8%
Net profit for the period 5.5 4.6 19.7% 21.1

*Adjusted operating profit (EBIT) is an alternative performance measure. Adjusted EBIT excludes non-recurring items and purchase price allocation amortisation. Adjusted EBIT provides comparable information between different financial years on operating profit.

Outlook for 2022

Incap estimates that its revenue, operating profit (EBIT) and adjusted operating profit (EBIT) for 2022 will be higher than in 2021.

The estimates are given provided that there are no major negative changes in the geopolitical or coronavirus pandemic situation, currency exchange rates or in component availability. The estimates are based both on Incap’s customers' forecasts and the company's own assessments of the business development.

Otto Pukk, President and CEO of Incap Corporation:

“We are all devastated by the ongoing humanitarian catastrophe resulting from the war in Ukraine which has put a significant amount of the country's population in need of humanitarian assistance. To support the victims of the war, we are contributing by helping refugees and providing them job opportunities in our factories. Our hearts are with everyone impacted by this crisis, especially with our Ukrainian employees and their families. The situation in Ukraine affects material availability widely.

The first quarter of 2022 was another quarter of growth despite the challenging market conditions especially regarding the overall supply chain and component availability. Energy shortages and the ongoing coronavirus pandemic are still affecting deliveries from China. General raw material and energy price increases continue, now additionally fuelled by the war in Ukraine.

On the other hand, market demand stayed on a high level in the first quarter driven by the growing demand for electronics. The high demand contributed to the revenue, EUR 53.3 million, which was 41.4% more than in the first quarter of 2021.

Our first quarter EBIT grew 22.8% and amounted to EUR 6.8 million or 12.7% of revenue. Our flexible operational model allows for a relatively high EBIT percentage, and we are focusing on increasing the absolute EBIT and earnings per share.

The capacity expansion at our Indian factory is progressing as planned, scheduled for completion by the end of the year. Additionally, we continue to invest in our European factories.

With the continued challenging component availability situation and the supply chain challenges, we will keep our inventories on a high level to support our future growth and meet the growing demand.

We estimate that we can continue on our growth path in 2022, and we continue to evaluate M&A opportunities, concentrating in companies with a strong cultural fit and good profitability.”

Financial reporting in 2022

In 2022 Incap will publish the following financial reports:

  • Half-year report for January–June 28 July 2022
  • Business review for January–September 27 October 2022


Incap will hold a management webcast on Friday 29 April 2022 at 3:00 p.m. EEST. The result will be presented by Otto Pukk, CEO, and Antti Pynnönen, CFO, Incap Corporation.

The live webcast can be followed at During the webcast, the public can ask questions in the chat room at the address mentioned above. The recording of the broadcast will be available on the company’s website at later that day.

The event is targeted for analysts, portfolio managers and the media. Welcome!

In Helsinki, 27 April 2022

Board of Directors

For additional information, please contact:
Otto Pukk, President and CEO, tel. +372 508 0798

Nasdaq Helsinki Ltd.
Principal media  

Incap Corporation is a trusted partner and full service provider in Electronics Manufacturing Services. As a global EMS company Incap supports customers ranging from large multinationals and mid-sized companies to small start-ups in their complete manufacturing value chain. Incap offers state-of-the-art technology backed up by an entrepreneurial culture and highly qualified personnel. The company has operations in Finland, Estonia, India, Slovakia, the UK and Hong Kong and employs approximately 2,500 people. Incap’s share has been listed on Nasdaq Helsinki Ltd stock exchange since 1997.

Incap’s business review January-March 2022