Sector

Bergverk og utvinning

100 companies ranked against comparable companies in four Morning company classes. Fiscal year 2023. Source: Brønnøysund Register Centre. Methodology

Morning company class

Morning company classes are our own division by revenue, not an official standard: Micro NOK 1m–10 MNOK, Small 10 MNOK–50 MNOK, Medium 50 MNOK–500 MNOK, Large from 500 MNOK. Companies are ranked only against others in the same class, and every figure below is for the class you have chosen. What are Morning company classes?

Ranking · 2023 · Morning class Medium

Morning class Medium · 2023
#	Company	Profile	Score	Change
1	Lundhs AS	Leader	90	–
2	Larvik Granite AS	Leader	84	–
3	Forsand Sandkompani AS	Leader	73	–
4	Gabbro Nor AS	Leader	68	–
5	Staven Grus AS	Leader	66	–
6	Ramlo Sandtak AS	Leader	61	–
7	Gunnar Holth Grusforretning AS	Leader	51	–
8	Røyseth Maskin AS	Steward	45	–
9	Feiring Bruk AS	Builder	44	–
10	Brønnøy Kalk AS	Sprinter	41	–
11	John Myrvang AS	Builder	39	–
12	Naturstenskompaniet Norge AS	Builder	38	–
13	TT Pukk AS	Builder	38	–
14	Velde Pukk AS	Sprinter	37	–
15	Hamar Pukk og Grus AS	Sprinter	33	–
16	Franzefoss Pukk AS	Builder	30	–
17	Store Norske Gruvedrift AS	Builder	30	–
18	Reipå Knuseri AS	Steward	24	–

Download as CSV (opens in Excel)

The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode

Biggest moves · Morning class Medium

Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.

Top lists in the sector · 2023 · Morning class Medium

The five largest companies account for 56% of the sector's revenue. Combined profit before tax for the 18 ranked companies: 146 MNOK.

Highest revenue

Gunnar Holth Grusforretning AS 432 MNOK
Lundhs AS 432 MNOK
Franzefoss Pukk AS 408 MNOK
Feiring Bruk AS 297 MNOK
Ramlo Sandtak AS 254 MNOK

Operating revenue.

Highest operating margin

Larvik Granite AS 16.3%
Forsand Sandkompani AS 14.2%
Lundhs AS 10.4%
Gabbro Nor AS 9.8%
Velde Pukk AS 9.2%

Operating result divided by operating revenue.

Largest profit

Lundhs AS 62 MNOK
Larvik Granite AS 33 MNOK
Gunnar Holth Grusforretning AS 31 MNOK
Gabbro Nor AS 18 MNOK
Velde Pukk AS 15 MNOK

Profit before tax.

Largest loss

Franzefoss Pukk AS −27 MNOK
Feiring Bruk AS −15 MNOK
Naturstenskompaniet Norge AS −9 MNOK
Reipå Knuseri AS −5 MNOK
Røyseth Maskin AS −3 MNOK

Profit before tax, the largest negative.

Most solid

Lundhs AS 78.9%
Larvik Granite AS 74.3%
Røyseth Maskin AS 58.8%
Forsand Sandkompani AS 52.3%
Reipå Knuseri AS 47.9%

Equity ratio: equity divided by total assets.

Fastest growth

No company meets the requirement this year.

Revenue growth from the year before, only from at least NOK 10 million in revenue.

Largest revenue decline

No company meets the requirement this year.

Revenue decline from the year before, only from at least NOK 10 million in revenue.

Biggest climbers

Requires an index for two financial years.

Change in index points from the year before.

Biggest fallers

Requires an index for two financial years.

Change in index points from the year before.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Hamar Pukk og Grus AS 6.4 MNOK
Ramlo Sandtak AS 4.9 MNOK
TT Pukk AS 4.2 MNOK
Store Norske Gruvedrift AS 3.7 MNOK
Franzefoss Pukk AS 3.6 MNOK

Only companies with at least 5 employees.

The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.

Quadrant analysis

Positions in the sector · 2023 · Morning class Medium

Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.

Bubble size shows relative revenue, not exact figures.

Lion · LeaderHigh profitability, high solidity
Cheetah · SprinterHigh profitability, lower solidity
Elephant · StewardLower profitability, high solidity
Beaver · BuilderLower profitability, lower solidity

Show the positions as a list

Company	Profile	Profitability	Solidity	In 2022 (profitability / solidity)
Larvik Granite AS	Lion	94	94	–
Staven Grus AS	Lion	85	51	–
Velde Pukk AS	Cheetah	85	3	–
Forsand Sandkompani AS	Lion	82	82	–
Gabbro Nor AS	Lion	79	70	–
Lundhs AS	Lion	76	100	–
Ramlo Sandtak AS	Lion	62	64	–
Gunnar Holth Grusforretning AS	Lion	62	58	–
Brønnøy Kalk AS	Cheetah	53	9	–
Hamar Pukk og Grus AS	Cheetah	50	21	–
John Myrvang AS	Beaver	44	15	–
Store Norske Gruvedrift AS	Beaver	35	0	–
TT Pukk AS	Beaver	32	33	–
Feiring Bruk AS	Beaver	24	45	–
Røyseth Maskin AS	Elephant	15	88	–
Franzefoss Pukk AS	Beaver	15	39	–
Naturstenskompaniet Norge AS	Beaver	6	27	–
Reipå Knuseri AS	Elephant	0	76	–

The sector in numbers

Summary · fiscal year 2023 · Morning class Medium

The sector's median operating margin is 5.9%. 1 of 18 companies have negative equity. The median equity ratio is 35.4%.

Companies with accounts18

Total revenue3,266 MNOK

Median operating margin5.9%

Median equity ratio35.4%

Share with a loss28%

Share with negative equity6%

All figures are for fiscal year 2023. Ranked: 18 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

Growth is not included in the index: it needs the previous year's accounts.

Climbers and fallers · Morning class Medium

Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.

Awards · 2023 · Morning class Medium

Most profitableLarvik Granite AS16.3%

Strongest balance sheetLundhs AS78.9%

Largest revenueGunnar Holth Grusforretning AS432 MNOK

Highest revenue per employeeHamar Pukk og Grus AS6.4 MNOK

Needs attention · 2023 · Morning class Medium

7 companies show at least one warning sign. Showing the 7 most important.

criticalStore Norske Gruvedrift ASNegative equity
watchGunnar Holth Grusforretning ASCurrent ratio below 1 (0.94)
watchFranzefoss Pukk ASLoss before tax
watchFeiring Bruk ASLoss before tax
watchNaturstenskompaniet Norge ASLoss before tax
watchRøyseth Maskin ASLoss before tax
watchReipå Knuseri ASLoss before tax

Sector map · 2023 · Morning class Medium

Profitability against solidity for the ranked companies. Size shows revenue. Coral triangle: negative equity. Click to open the company. Outliers are placed on the edge.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
Lundhs AS	10.4%	78.9%	432 MNOK
Larvik Granite AS	16.3%	74.3%	52 MNOK
Forsand Sandkompani AS	14.2%	52.3%	94 MNOK
Gabbro Nor AS	9.8%	45.9%	178 MNOK
Staven Grus AS	9.1%	36.4%	95 MNOK
Ramlo Sandtak AS	5.8%	38.2%	254 MNOK
Gunnar Holth Grusforretning AS	8.6%	37.6%	432 MNOK
Røyseth Maskin AS	−3.2%	58.8%	68 MNOK
Feiring Bruk AS	−0.4%	34.4%	297 MNOK
Brønnøy Kalk AS	6.8%	19.1%	172 MNOK
John Myrvang AS	5.9%	23.2%	114 MNOK
Naturstenskompaniet Norge AS	−7.9%	28.7%	83 MNOK
TT Pukk AS	2.1%	29.8%	97 MNOK
Velde Pukk AS	9.2%	13.2%	218 MNOK
Hamar Pukk og Grus AS	5.9%	23.9%	103 MNOK
Franzefoss Pukk AS	−5.4%	33.1%	408 MNOK
Store Norske Gruvedrift AS	0.1%	−168.4%	119 MNOK
Reipå Knuseri AS	−9.4%	47.9%	53 MNOK

Holding and investment companies · 2023

5 companies in the sector are holding or investment companies. They are kept out of the ranking above, since revenue, margins and growth say little about a company that lives from ownership. They are ranked on their own here: 1 have at least 10 MNOK in assets and are listed.

Holding and investment companies
Rank	Company	Score	Equity ratio	Return on assets	Current ratio	Total assets
1	Vestheim Holding AS	50	95.8%	8.7%	15.29	20 MNOK

Score 0–100 against the other holding companies in the sector: equity ratio 40 %, return on assets 40 % and current ratio 20 %. Methodology

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 0.1%.

Based on the 4 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal year	Median operating margin	Median equity ratio
2022 · weakest year	0.1%	20.0%
2023	7.1%	38.9%
2024	7.4%	41.3%
2025	6.4%	41.4%

In 2022, 0 ranked companies did better than the sector, 1 about the same and 0 weaker.

Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology

Drivers in the sector

Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.

USD/NOK (kr)

Latest value: 9.46 (2026-10)

USD/NOK fell 3.3% in 2025; the sector's median operating margin fell 1.0 percentage points.

USD/NOK per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
USD/NOK, annual average	8.59	9.61	10.56	10.75	10.39	9.54 (so far)
Change from the year before	−8.8%	+11.9%	+9.9%	+1.7%	−3.3%	−8.2%
Sector's median operating margin	–	0.1%	7.1%	7.4%	6.4%	–

Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 1 November 2026

EUR/NOK (kr)

Latest value: 10.59 (2026-10)

EUR/NOK rose 0.8% in 2025; the sector's median operating margin fell 1.0 percentage points.

EUR/NOK per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
EUR/NOK, annual average	10.16	10.10	11.42	11.62	11.72	11.04 (so far)
Change from the year before	−5.2%	−0.6%	+13.1%	+1.8%	+0.8%	−5.8%
Sector's median operating margin	–	0.1%	7.1%	7.4%	6.4%	–

Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 1 November 2026

Policy rate (prosent)

Latest value: 4.30 (2026-09)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 1.0 percentage points.

Policy rate per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Policy rate, annual average	0.08	1.32	3.54	4.50	4.30	4.14 (so far)
Change from the year before	−0.28 percentage points	+1.24 percentage points	+2.22 percentage points	+0.96 percentage points	−0.20 percentage points	−0.16 percentage points
Sector's median operating margin	–	0.1%	7.1%	7.4%	6.4%	–

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 1 November 2026

When USD/NOK fell in 2025, 50 of 97 ranked companies kept their operating margin at or above the year before. Among the largest: Sibelco Nordic AS (10.1% → 17.1%), Franzefoss Minerals AS (11.5% → 11.8%), Franzefoss Pukk AS (−3.3% → −1.4%), Gunnar Holth Grusforretning AS (5.5% → 7.1%), Feiring Bruk AS (−6.9% → −6.2%).

We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.

The sector in Norway (SSB)

The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.

Enterprises, employment and turnover · 2024

Enterprises: 1,025; −2.8% from 2023

All enterprises, sole proprietorships included. SSB withholds some figures for confidentiality. The figure then shows the latest year with every value, and the year is given beside it.

Bankruptcies in the industry

5 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change +150.0% against the four quarters before (2). That is about 4.9 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 13.5%
Share of persons employed: 47.2%
Share of turnover: –

SSB publishes this for groups of industries only. The figures are for the group “Olje- og gassutvinning og bergverksdrift”. A dash means SSB withholds the figure.

Production index · Bergverksdrift

93.8 index, 2021 = 100, seasonally adjusted · 2026M08
−0.4% against 2025M08.

Monthly, 2023M08 to 2026M08.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 07095. CC BY 4.0. Our industry codes (SN2025) are linked to SSB’s (SN2007) with SSB’s correspondence table in Klass.

Latest bankruptcies and liquidations

MØLLENG MASKIN & Pukk AS 876081172 Voluntary liquidation · 19 October 2026 · 0 MNOK (2025)
Aco Pukk AS 923116710 Voluntary liquidation · 16 October 2026 · 0 MNOK (2025)
MR. Pukk Øst AS 914385083 Bankruptcy · 15 October 2026 · 28 MNOK (2024)
Ascent Graphite AS 928132250 Forced dissolution · 6 October 2026
Ordalen AS 990650578 Voluntary liquidation · 5 October 2026 · 1 MNOK (2025)
Norsk Uteservice AS 930795224 Bankruptcy · 8 September 2026 · 0 MNOK (2024)
Brickstep AS 935247020 Voluntary liquidation · 22 July 2026
B&G Stein AS 827398292 Bankruptcy · 16 March 2026

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
05*	Hele hovedgruppe 05
05.100	Bryting av steinkull
07*	Hele hovedgruppe 07
07.100	Bryting av jernmalm
07.290	Bryting av ikke-jernholdig malm ellers
08*	Hele hovedgruppe 08
08.110	Bryting av dekorstein, kalkstein, gips, skifer og annen stein
08.120	Utvinning fra grus- og sandtak, og utvinning av leire og kaolin
08.910	Bryting og utvinning av kjemiske mineraler og gjødselmineraler
08.920	Stikking av torv
08.930	Utvinning av salt
08.990	Annen bryting og utvinning ikke nevnt annet sted
09*	Hele hovedgruppe 09
09.900	Tjenester tilknyttet annen bergverksdrift