Vaidekke expects more business opportunities in the infrastructure sector in the coming quarters. Credit: Roland Magnusson via Shutterstock.

Veidekke has reported third-quarter (Q3) revenue of Nkr9.7bn ($874.4m), down from Nkr10.4bn in the same period of 2023.

Despite this, the company’s pretax profit saw a slight increase, reaching Nkr616m, up from Nkr601m in the same quarter of the previous year.

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The profit margin for the quarter was reported at 6.4%, higher than the 5.8% recorded in the third quarter of 2023.

The company’s infrastructure operations and Danish operation delivered higher profits, which helped to counterbalance the reduced profits from the Norwegian and Swedish construction operations, affected by lower volumes.

Veidekke’s order intake for the quarter was strong, totalling Nkr7.6bn, which is an increase from Nkr5.0bn in the same period last year. The order book at the end of the quarter was valued at Nkr41.0bn.

The cash flow from operational activities during the first three quarters was Nkr1.0bn, a slight decrease from the Nkr1.1bn reported for the corresponding period in 2023.

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The statement of financial position totalled Nkr17.7bn, down from Nkr18.3bn at the same time last year.

The group’s lost time injury rate for the quarter was 2.4, an improvement from the previous quarter’s 2.8 and higher than the 1.7 reported in Q3 2023.

Construction Norway saw a decline in revenues to Nkr3.2bn from Nkr3.7bn in Q3 2023, with a pretax profit of Nkr129m, down from Nkr165m.

The profit margin for the quarter was 4.0%, a decrease from 4.5% in Q3 2023. The third-quarter order intake was Nkr3.9bn, up from Nkr2.4bn in the same quarter of the previous year.

Infrastructure Norway’s revenues remained stable at Nkr2.8bn, with a pretax profit of Nkr321m, an increase from Nkr283m in Q3 2023. The profit margin increased to 11.7% from 10.1%. The order intake was Nkr339m, and the order book totalled Nkr9.1bn at the end of the quarter.

Construction Sweden’s revenues dropped to Nkr1.6bn from Nkr2.0bn, with a pretax profit of Nkr36m, down from Nkr41m. The order intake was Nkr1.8bn, and the order book stood at Nkr6.2bn at the end of the quarter.

Meanwhile, Infrastructure Sweden’s revenues increased to Nkr1.5bn from Nkr1.3bn, with a profit of Nkr76m, up from Nkr62m. The order intake was Nkr1.3bn, and the order book grew to Nkr7.8bn.

Hoffmann, Veidekke’s Danish operation, reported revenues of Nkr705m, up from Nkr673m, with a pretax profit of Nkr76m, an increase from Nkr65m. The order intake was Nkr283m and the order book was Nkr3.0bn at the end of the quarter.

Vaidekke Group CEO Jimmy Bengtsson said: “Veidekke has delivered a solid third-quarter performance. The margin on the project portfolio continues to rise, and is making up for reduced activity levels.”