Kongsberg Revenue Up in Challenging Maritime

Norwegian technology enterprise Kongsberg Maritime announced that it increased operating revenue to NOK 5,490m (USD 593mln) from NOK 2,041m (USD 220mln) in the fourth quarter.

Growth excluding acquired business is 21%, said a press release from the Kongsberg Gruppen (KOG) company. This is among other things driven by a high level of activity in the LNG and after-sales markets as well as by growth in the Sensors & Robotics area.  

"Our maritime operations are growing in a market where the newbuilding activity is at an all-time low, at the same time as the organisation is integrating Commercial Marine and achieving considerable cost savings. I'm very pleased about this," said Geir Håøy, President and CEO of Kongsberg.

Order intake of NOK 6,934m compared to NOK 3,859m in Q4 2018. This is an increase of NOK 3,075m, of which NOK 1,954m comes from Commercial Marine.

Meanwhile, Kongsberg  increased its operating revenue and profit and ended 2019 with a record-high revenue and order backlog.  Thethe order intake for the year 2019 was NOK 32.45Bln compared to NOK 16.57Bln in 2018. This is an increase of 96%. Growth excluding acquisitions is 56%.

Revenues of NOK 24.08Bln compared to NOK 14.38Bln in 2018. This is an increase of 67%. Growth excluding acquisitions is 16%.

"In 2019, Kongsberg finalized two strategic acquisitions that make us a much larger company and a more complete supplier in the industries we serve. We have achieved a record-high order intake and continued to grow in all business areas and have launched new systems and products. The integration of Commercial Marine has been very successful so far, as clearly shown by the underlying profitability in the area.  In addition, KONGSBERG experienced a very sound end to the year," added Geir.