Arendals Fossekompani has doubled its operations

Arendal’s Fossekompani reports revenue of NOK 1,404 million in the second quarter of 2023, compared to NOK 1,062 million in the same period last year.

Operating profit rose from NOK 70 million to NOK 148 million, and according to the company, it was driven by increased power generation and strong results from portfolio companies Volue, NSSLGlobal and ENRX . Additionally, Tekna showed improvement.

CEO Benjamin Golding says the first half was the best in company history.

After two quarters in 2023, total revenue is NOK 2,810 million and operating profit is NOK 350 million, compared to NOK 2,113 and NOK 219 million in the same period last year.

In the energy segment, lower electricity spot prices in the NO2 area were offset by higher production, which boosted revenues from NOK 82 million to NOK 127 million and operating profit from NOK 68 to NOK 107 million.

Solid volume growth

In the second quarter, Volue achieved an operating result before depreciation and amortization (EBITDA), adjusted for one-off effects, of NOK 63 million in the second quarter of 2023. This figure is up from NOK 44 million in the same period last year. last.

Turnover increased from NOK 298 to NOK 375 million. Recurring revenue now represents 62% of total revenue.

“The ongoing SaaS transformation is creating solid recurring revenue growth and will strengthen EBITDA margins through economies of scale through more and more services delivered through our platform,” Volue wrote in its quarterly report on Friday.

other companies

Tekna increased revenue by 17% after a strong first quarter, and C$11.0 million in the second quarter corresponds to revenue growth of 45% compared to the same period last year. Adjusted EBITDA was negative $0.6 million, an improvement of C$2.6 million over the second quarter of last year.

ENRX’s revenues increased from 31 million euros in the second quarter of last year to 37 million euros in the second quarter of this year, and the growth is characterized as solid in all regions. The operating result (EBIT) of 0.9 million euros was negatively affected by 1.5 million euros of additional restructuring costs related to the German activities.

NSSLGlobal reported revenue of £23.0m, up from £23.9m in the same period last year, while operating profit fell to £6.3m sterling to £4.7million. Order intake is described as solid.

Online dividend

Due to the “high level of activity across all portfolio companies”, Arendal’s Fossekompani now expects revenue and operating profit to be higher in 2023 than in 2022.

The company pays a dividend of NOK 1.00 per share. shares, in accordance with the adopted dividend policy.

(million NOK) 2.qv./23 2.qv./22
Operating result 1,404 1,062
Operational results 148 70
Earnings before tax 148 90
Result after tax 41 23

Ralph Hutchinson

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