AF Gruppen with improvement in profits for the first quarter
AF Gruppen recorded first quarter revenues of NOK 7,187 million. Profit before tax was NOK 186 million in the quarter, an improvement from the corresponding quarter in 2023. In the first three months of the year, the group had a very strong increase in revenue within Civil Engineering and solid order intake within Construction.

Revenue for the first quarter was NOK 7,187 million (7,393 million). Earnings before tax were NOK 186 million (13 million) in the first quarter. This corresponds to a profit margin of 2.6 % (0.2%). AF Gruppen had an order backlog of NOK 40,275 million (41,668 million) at the end of the quarter.
“AF Gruppen improves the profit compared to last year, but we are not satisfied with the overall profitability of the group. We delivered good results in Civil Engineering and Energy and Environment. The order backlog maintains at a high level considering the current market situation,” says Amund Tøftum, CEO of AF Gruppen.
AF Gruppen is in a strong financial position. Cash flow from operating activities was NOK 128 million (-24 million) for the 1st quarter of 2024. As at 31 March 2024, AF Gruppen had net interest-bearing liabilities of NOK 974 million (570 million). Earnings per share for the quarter were NOK 1.30 (-0.03). The Board proposed to the General Meeting of shareholders a dividend of NOK 3.50 (6.50) per share for distribution during the first half of 2024.
AF imposes the same strict safety requirements on all its partners and suppliers as it does on its own employees. Everyone should arrive home safely from our projects, and figures from subcontractors are included in the injury statistics. The LTI rate for the first quarter was 0.8 (1.4). The company works systematically and in a targeted manner to avoid work-related absences, and the sick leave rate for the first quarter was 4.5% (4.4%).
“Society has very ambitious goals for reducing energy consumption up to 2030. AF Gruppen delivers solutions that reduce overall energy consumption and increase the proportion of energy from renewable sources. We are a total supplier offering services ranging from consulting, prefabrication and installation to operation of solutions for buildings and industry. In addition, we have built up a portfolio of central energy plants. We see increasing demand for energy services and AF Energi has had a growth in revenue of more than 30% in the past year,” says Tøftum.
Selected highlights from the quarter:
- AF Anlegg had a high level of activity and good profitability in the 1st quarter. The civil engineering business had significant growth of 41% compared to the same quarter last year. AF Anlegg had record-high revenues during the quarter and delivered good results in the 1st quarter, with solid profit contributions from several projects. AF Anlegg has several major projects in production, and in general there is a high level of activity and good operational performance in the projects. Målselv Maskin & Transport and Stenseth & RS reported good results for the 1st quarter.
- Construction had a reduced level of activity, but delivered increased profitability compared to the same quarter last year. AF Bygg Østfold delivered very good results in the 1st quarter. AF Byggfornyelse, Haga & Berg, Strøm Gundersen, Strøm Gundersen Vestfold, HTB and ÅBF delivered good results.
- Betonmast had a negative result in the 1st quarter, and a lower level of activity compared to the same quarter last year. The Betonmast Røsand and Østfold units delivered good results for the quarter. Betonmast Buskerud-Vestfold and Innlandet delivered results somewhat below expectations. Betonmast Oslo, Trøndelag and Boligbygg had weak results in the quarter.
- Property had low sales in the quarter due to a challenging property market. Sales contracts for 19 (20) homes were signed in the quarter, of which AF’s share is 8 (9). In the first quarter, a total of 103 homes were handed over. There were three residential property projects in the production stage at the end of the quarter. A total of 735 units are in production, of which AF’s share is 319. The sales ratio for commenced projects is 70%.
- Energy and Environment had revenue growth of 18% in the first quarter compared with the same quarter last year, and delivered good profitability. AF Energi has significantly increased its level of activity compared to the same quarter last year. A high level of activity and good operational performance in the projects resulted in a good result for the 1st quarter. AF Decom had revenue growth in the 1st quarter compared with the same quarter last year, but had a result somewhat below expectations for the quarter.
- AF’s Swedish activities within civil engineering, construction, property and demolition have been gathered in the Swedish business area. Sweden had a decline in revenues of 29% compared to the same quarter last year, and a profit before tax of zero. AF Prefab i Mälardalen delivered very good results in the 1st quarter and Kanonaden delivered good results in the first quarter. The former Betonmast Sweden units have negative results this quarter also.
- Offshore has increased its level of activity compared to the same quarter last year. Aeron maintained a high level of activity and reported good profitability for the quarter. AF Offshore Decom had higher revenues than the corresponding quarter last year, related to several offshore campaigns completed during the quarter. Overall, the unit delivered a weak result for the quarter.
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AF Gruppen
AF Gruppen is a leading contracting and industrial group that was formed by an entrepreneurial spirit and execution capabilities. The group has 6,000 employees and revenue reached NOK 30,5 billion in 2023. AF Gruppen is listed on Oslo Stock Exchange (AFG).
We provide a broad range of services with seven operational business areas: Civil Engineering, Building, Betonmast, Property, Energy and Environment, Sweden and Offshore.
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Latest releases from AF Gruppen ASA
Building retirement home in Eskilstuna29.1.2025 12:38:47 CET | Press release
HMB, a subsidiary of AF Gruppen, has been commissioned to build care homes in Eskilstuna on behalf of Eskilstuna Kommunfastigheter AB. The project is being carried out as a turnkey contract and has a contract value of SEK 138 million excluding VAT.
To deliver technical installation to green steel producer in Sweden22.1.2025 12:20:16 CET | Press release
Aeron, a company within AF Gruppen, has been awarded a contract by the steel producer Stegra for the delivery of ventilation systems (HVAC) to their new production facility in Sweden. The agreement is valued at approximately NOK 200 million excluding VAT.
To build new office building in Horten16.1.2025 09:16:40 CET | Press release
Strøm Gundersen Vestfold, a subsidiary of AF Gruppen, has been selected by Kaldnes Utvikling as the contractor for the construction of a new office building in Horten. The contract will be executed as a collaborative contract and has a value of approximately NOK 108 million excluding VAT.
Rehabilitating commercial building in Bergen city center6.1.2025 08:52:29 CET | Press release
LAB Entreprenør, a company within AF Gruppen, has signed a contract with Marken 37 AS (EGD Property AS) for the rehabilitation of a commercial building in Bergen city center. The contract is a turnkey project valued at NOK 131 million excluding VAT.
Building 62 apartments in Solna23.12.2024 14:16:04 CET | Press release
AF Bygg Öst, a company within AF Gruppen, has been commissioned to build 62 apartments in Solna, just north of Stockholm, on behalf of Stena Bygg AB. The contract will be carried out as a turnkey contract and has a value of SEK 211 million excluding VAT.
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