Revenue growth in the largest enterprises – Petro.no

While the oil and gas industry faced hardship experienced Norway’s 500 largest companies strong revenue growth in 2014, writes NTB.

It shows Dagens Næringsliv’s list of the 500 largest companies in the country. Firms had last year a growth of 6.9 percent, against 2.0 percent in 2013. The operating margin fell from 15.5 to 13.8 percent, while profit margin increased from 5.4 to 6.2 percent.

No sales growth for a variety of olja

Although overview shows that 2014 was a solid financial year for Norwegian firms constitute corporations engaged in the extraction of oil and gas, not surprisingly it’s the exception to the good numbers.

For all the 23 companies in the oil and gas included in the sample, the profit before tax decreased by over 25 percent in 2014. The fall in oil companies’ income, together with a subsequent investment shot had major consequences for the supplier industry and also impacted the Norwegian economy in general.

Nearly 22,000 jobs lost

Stavanger Aftenblad wrote last week that at least 21,438 oil jobs have disappeared since January last year, according to a review DNB Markets has done.

Wednesday last week notified National Oilwell Varco Norway that 1,500 employees, of which 900 permanent employees lose their jobs during the year. The day before Statoil announced that they will cut up to 1,500 permanent employees and 525 consultants by the end of 2016.

Statoil decidedly greatest

Statoil thrones atop Dagens Næringsliv’s list, as the very largest company in the country. Petroleum giant had last year NOK 622,700 million in revenues, a decrease of 2 percent from 2013. Operating profit fell from NOK 155 billion to just under NOK 110 billion. Profit before tax fell by 21 per cent to NOK 109 billion.