“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
Subscribe to notices from Veidekke
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.
| Title | File type |
| Report Q4 2024 | |
| Presentation Q4 2024 | |
| Historical financial information per Q4 2024 | xlsx |