The company secured several new contracts during the quarter. Credit: Scott Graham via Unsplash.

Construction company Veidekke has announced revenue of Nkr10.78bn ($1bn) in the second quarter (Q2) of 2024, marking a 3% decline from Nkr11.16bn in the previous year’s quarter.  

The company’s profit for the quarter ending 30 June 2024 grew to Nkr377m from Nkr302m in Q2 2023, and it experienced profit margin improvement to 4.5% from 3.5%. 

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Its infrastructure divisions in Norway and Denmark contributed to the revenue growth while earnings in Norway and Sweden’s construction operations experienced a slight decline.  

Operating profit for Q2 2024 reached Nkr466m, up from Nkr389m in the corresponding quarter of the previous year. 

New contracts secured during the quarter included the Vollebekk station project, valued at Nkr460m, and the Nytorget development in Stavanger, with a contract value of Nkr330m, among others. 

Additionally, the company won a contract for the first phase of the Hinna Park residential project in Stavanger for Odden 1 AS, with a contract value of Nkr208m. 

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The group’s order intake for the quarter was Nkr9.8bn, a decrease from Nkr12.2bn in the same period last year.  

Its order book stood at Nkr41.1bn at the end of the quarter, a slight dip from Nkr45.0bn at the same time last year but an increase from Nkr40.4bn at the start of 2024.  

Approximately 54% of this order book is expected to be converted into revenue over the next 12 months. 

Veidekke Group CEO Jimmy Bengtsson said: “Veidekke maintained a high level of activity and delivered a year-on-year improvement in both profits and profitability.  

“Our operations are solid, and even with somewhat lower earnings, we improved our profits significantly compared to the second quarter of last year. Infrastructure Norway made the greatest progress, and I am particularly pleased about the improvements achieved by the asphalt operation.” 

In the first half of 2024, revenues totalled Nkr20.3bn, pretax profit amounted to Nkr509m, and profit margin totalled 2.5%.