Veidekke achieved revenues of NOK 11.5 billion in Q4, and a pre-tax profit of
NOK 558 million. The group's order book totalled NOK 41.0 billion at year-end.
The full-year profit per share was NOK 9.3, and the board has proposed a
dividend of NOK 9.0 per share in respect of the 2024 financial year.
"2024 was a good year for Veidekke, with solid profit growth and increased
profitability. On this basis, and with good prospects for the coming year,
Veidekke's Board of Directors proposes to pay out NOK 9.0 per share in dividend
for the financial year 2024," says immy Bengtsson, Group CEO of Veidekke.
"As expected, activity in Q4 2024 was somewhat below Q4 of the year before, and
the decline in volume affects the quarterly profit, which was also somewhat
below the previous year's. However, increased project profitability helped keep
the profit margin on a par with 2023. With a stable and high order book,
Veidekke's momentum going into 2025 is positive, although the market situation
remains challenging for several of our operations," says Bengtsson.
"Veidekke wants to be a driving force in the green shift. Together with our
clients and partners, we are realising innovative projects and solutions that
really make a difference, and we are happy to share this knowledge with the
industry at large. By way of examples, I would like to highlight our newly built
headquarters at Ulven in Oslo and construction of the Hestnes railway tunnel for
Bane Nor. In both projects, we have greatly reduced greenhouse gas emissions by
adopting new technologies, reducing material consumption and focusing on
circularity," says Jimmy Bengtsson.
Veidekke's quarterly revenues totalled NOK 11.5 billion, compared to NOK 12.1
billion in the fourth quarter of 2023. The decline is attributable to the
Norwegian and Swedish construction operations.
The fourth-quarter pre-tax profit amounted to NOK 558 million, compared to NOK
603 million in Q4 2023. The drop in profits is linked to reduced volumes and
lower capacity utilisation by some units within Construction Norway, as well as
somewhat smaller returns on the group's financial investments. Overall, the
quarterly profit margin was 4.9%, compared to 5.0% in the fourth quarter of
2023.
The group's quarterly order intake was NOK 10.5 billion, compared to NOK 10.2
billion in the same period the year before. At year-end, the order book amounted
to NOK 41.0 billion, compared to NOK 40.4 billion at at year-end 2023.
Approximately 60% of the order book will be converted into revenue in 2025.
The group achieved total revenues of NOK 41.4 billion in 2024, compared to NOK
43.1 billion in 2023. The group's total pre-tax profit amounted to NOK 1 683
million, up 17% from NOK 1 444 million in 2023. The profit increase in 2024 is
primarily attributable to the infrastructure operations, and improved
profitability of the Norwegian asphalt operation in particular. In addition, the
2023 profit figure reflected a NOK 110 million loss related to settlement in an
older dispute involving the Norwegian civil engineering business. The 2024
profit margin was 4.1%, compared to 3.3% in 2023.
Net interest-bearing assets totalled NOK 2.6 billion as at 31 December 2024,
compared to NOK 2.8 billion one year earlier. Cash flow from operational
activities amounted to NOK 2.2 billion in 2024, down from NOK 2.9 billion in
2023. The statement of financial position totalled NOK 18.8 billion as at 31
December, up from NOK 18.2 billion a year before.
The group's LTI (lost time injury) rate was 2.2 in the fourth quarter, compared
to 2.4 in the preceding quarter and 6.6 in Q4 2023. No serious injuries were
recorded in the quarter. The quarterly sick leave rate was 5.8%, compared to
4.7% in the preceding quarter and 6.0% in the fourth quarter of 2023.
This information is subject to a disclosure duty pursuant to section 5-12 of the
Securities Trading Act.
For more information, contact:
Jimmy Bengtsson, Group CEO, +47?984 70?000
Lars Erik Lund, EVP strategy and sustainability, +47?413 31 369
Jørgen Wiese Porsmyr, CFO, +47?907 59 058
Veidekk press photos (https://veidekke.fotoware.cloud/fotoweb/archives/5028
-Pressebilder-Veidekke/)
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Veidekke is one of Scandinavia's largest contractors. In addition to undertaking
all types of building and civil engineering assignments, the group also
maintains roads and produces asphalt and aggregates. Veidekke emphasises
stakeholder involvement and local experience. Its annual turnover is
approximately NOK 43 billion, and half of its 8,000 employees own shares in the
company. Veidekke is listed on the Oslo Stock Exchange, and has posted a profit
every year since its inception in 1936.