Norwegian companies shine in third best year since 1995
The index of Norway’s 500 largest private and public sector companies published by Dagens Næringsliv and jointly developed with Proff Forvalt shows that while the rest of Europe struggled with financial crisis in the past year, Norwegian businesses enjoyed their third best year since 1995.
Besides improvements in turnover, the newspaper notes that margins have improved too. On average, for every NOK100 in turnover in 2011, there was an NOK18.4 operating margin. That figure has only been bettered twice since 1995; in 2005 and 2006, when Norway’s domestic economy was at the peak of its cycle.
A key driver was, of course, Norway’s oil and gas exports. The volume of unprocessed oil exports may have halved since 2002, but the price has tripled, and with the volume of natural gas up 50% since 2002, it meant that the country’s hydrocarbon exports hit a hear all time record – beaten only by 2008.
New finds on the Norwegian continental shelf meanwhile lead to a sharp rise in exploration and development spend in the country’s oil and gas industry.
The full report is available for purchase at http://forvalt.no/dn500/