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Sector

Bergverk og utvinning

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94 companies ranked against comparable companies in four Morning company classes. Fiscal year 2024. Source: Brønnøysund Register Centre. Methodology

Ranking · 2024 · Morning class Medium

Morning class Medium · 2024
#CompanyProfileScoreChangeFive years
1 Forsand Sandkompani AS Leader 76 −3
2 Reipå Knuseri AS Leader 73 +48
3 Store Norske Gruvedrift AS Sprinter 63 +29
4 Lundhs AS Steward 62 −29
5 Gabbro Nor AS Leader 55 −17
6 TT Pukk AS Steward 52 +9
7 Svelviksand AS Sprinter 47 −4
8 Stange Pukk AS Sprinter 44 +41
9 Velde Pukk AS Sprinter 42 +1
10 Gunnar Holth Grusforretning AS Steward 41 −12
11 Franzefoss Pukk AS Steward 40 +5
12 Naturstenskompaniet Norge AS Builder 33 −4
13 Hamar Pukk og Grus AS Sprinter 33 −2
14 Feiring Bruk AS Builder 31 −18
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

  • Reipå Knuseri AS

    From 2023 to 2024: went from a loss to a profit before tax and the operating margin rose from −9.4% to 9.6%.

    +48
  • Store Norske Gruvedrift AS

    From 2023 to 2024: the operating margin rose from 0.1% to 83.3% and the equity ratio rose from −168.4% to −30.0%.

    +29
  • Lundhs AS

    From 2023 to 2024: the operating margin fell from 10.4% to 4.1%.

    −29
  • Feiring Bruk AS

    From 2023 to 2024: the operating margin fell from −0.4% to −6.9% and the equity ratio fell from 34.4% to 28.3%.

    −18

Top lists in the sector · 2024 · Morning class Medium

The five largest companies account for 67% of the sector's revenue. Combined profit before tax for the 14 ranked companies: 188 MNOK.

Highest revenue

  1. Franzefoss Pukk AS 449 MNOK
  2. Lundhs AS 438 MNOK
  3. Gunnar Holth Grusforretning AS 408 MNOK
  4. Feiring Bruk AS 288 MNOK
  5. Velde Pukk AS 214 MNOK

Operating revenue.

Highest operating margin

  1. Store Norske Gruvedrift AS 83.3%
  2. Forsand Sandkompani AS 13.8%
  3. Svelviksand AS 11.5%
  4. Velde Pukk AS 10.9%
  5. Reipå Knuseri AS 9.6%

Operating result divided by operating revenue.

Largest profit

  1. Store Norske Gruvedrift AS 157 MNOK
  2. Gunnar Holth Grusforretning AS 24 MNOK
  3. Lundhs AS 19 MNOK
  4. Velde Pukk AS 19 MNOK
  5. Forsand Sandkompani AS 14 MNOK

Profit before tax.

Largest loss

  1. Feiring Bruk AS −57 MNOK
  2. Franzefoss Pukk AS −18 MNOK
  3. Naturstenskompaniet Norge AS −2 MNOK

Profit before tax, the largest negative.

Most solid

  1. Lundhs AS 75.0%
  2. Reipå Knuseri AS 64.6%
  3. Forsand Sandkompani AS 53.3%
  4. TT Pukk AS 47.8%
  5. Gabbro Nor AS 45.1%

Equity ratio: equity divided by total assets.

Fastest growth

  1. Stange Pukk AS +73.1%
  2. Store Norske Gruvedrift AS +54.6%
  3. Forsand Sandkompani AS +14.7%
  4. Reipå Knuseri AS +13.5%
  5. Franzefoss Pukk AS +10.2%

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

Largest revenue decline

  1. TT Pukk AS −16.9%
  2. Naturstenskompaniet Norge AS −16.8%
  3. Hamar Pukk og Grus AS −14.1%
  4. Gunnar Holth Grusforretning AS −5.7%
  5. Feiring Bruk AS −2.8%

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

Biggest climbers

  1. Reipå Knuseri AS +48.5 points
  2. Store Norske Gruvedrift AS +28.9 points
  3. TT Pukk AS +9.3 points
  4. Franzefoss Pukk AS +5.3 points
  5. Velde Pukk AS +1.6 points

Change in index points from the year before.

Biggest fallers

  1. Lundhs AS −29.3 points
  2. Feiring Bruk AS −18.0 points
  3. Gabbro Nor AS −16.7 points
  4. Gunnar Holth Grusforretning AS −12.2 points
  5. Naturstenskompaniet Norge AS −4.0 points

Change in index points from the year before.

Most employees

  1. Gunnar Holth Grusforretning AS 126
  2. Lundhs AS 120
  3. Franzefoss Pukk AS 113
  4. Feiring Bruk AS 93
  5. Gabbro Nor AS 68

Employees according to the Central Coordinating Register.

Highest revenue per employee

  1. Store Norske Gruvedrift AS 5.7 MNOK
  2. Hamar Pukk og Grus AS 5.5 MNOK
  3. Franzefoss Pukk AS 4.0 MNOK
  4. Forsand Sandkompani AS 3.9 MNOK
  5. Reipå Knuseri AS 3.7 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 · 2024 · 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.

Franzefoss Pukk AS: 8 / 52Lundhs AS: 31 / 100Gunnar Holth Grusforretning AS: 42 / 60Feiring Bruk AS: 0 / 44Velde Pukk AS: 81 / 4Gabbro Nor AS: 50 / 68Store Norske Gruvedrift AS: 100 / 0Forsand Sandkompani AS: 85 / 84Hamar Pukk og Grus AS: 50 / 20TT Pukk AS: 23 / 76Naturstenskompaniet Norge AS: 15 / 36Reipå Knuseri AS: 81 / 92Stange Pukk AS: 65 / 12Svelviksand AS: 69 / 2800252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers
Franzefoss Pukk AS: 8 / 52Lundhs AS: 31 / 100Gunnar Holth Grusforretning AS: 42 / 60Feiring Bruk AS: 0 / 44Velde Pukk AS: 81 / 4Gabbro Nor AS: 50 / 68Store Norske Gruvedrift AS: 100 / 0Forsand Sandkompani AS: 85 / 84Hamar Pukk og Grus AS: 50 / 20TT Pukk AS: 23 / 76Naturstenskompaniet Norge AS: 15 / 36Reipå Knuseri AS: 81 / 92Stange Pukk AS: 65 / 12Svelviksand AS: 69 / 2800252550507575100100Solidity, percentile against peers →↑ Profitability, percentile against peers

Bubble size shows relative revenue, not exact figures. Dashed lines show where the 5 companies that moved most stood in 2023 (small ring).

  • 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
CompanyProfileProfitabilitySolidityIn 2023 (profitability / solidity)
Store Norske Gruvedrift ASCheetah100046 / 0
Forsand Sandkompani ASLion858492 / 83
Reipå Knuseri ASLion81920 / 74
Velde Pukk ASCheetah81488 / 4
Svelviksand ASCheetah6928–
Stange Pukk ASCheetah6512–
Gabbro Nor ASLion506888 / 65
Hamar Pukk og Grus ASCheetah502058 / 13
Gunnar Holth Grusforretning ASElephant426067 / 56
Lundhs ASElephant3110083 / 100
TT Pukk ASElephant237646 / 30
Naturstenskompaniet Norge ASBeaver15368 / 22
Franzefoss Pukk ASElephant85221 / 39
Feiring Bruk ASBeaver04433 / 48
The sector in numbers

Summary · fiscal year 2024 · Morning class Medium

The sector's median operating margin is 6.4%. 1 of 14 companies have negative equity. The median equity ratio is 31.4%.

Companies with accounts14
Total revenue2,686 MNOK
Median operating margin6.4%
Median equity ratio31.4%
Share with a loss21%
Share with negative equity7%

All figures are for fiscal year 2024. Ranked: 14 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

Climbers and fallers · Morning class Medium

Change in rank from 2023 to 2024, for 12 companies ranked in both years.

Climbers

  1. 11Reipå Knuseri ASfrom rank 13 to 273
  2. 9Store Norske Gruvedrift ASfrom rank 12 to 363
  3. 1Forsand Sandkompani ASfrom rank 2 to 176
  4. 1TT Pukk ASfrom rank 7 to 652

Fallers

  1. 9Feiring Bruk ASfrom rank 5 to 1431
  2. 6Gunnar Holth Grusforretning ASfrom rank 4 to 1041
  3. 3Lundhs ASfrom rank 1 to 462
  4. 3Naturstenskompaniet Norge ASfrom rank 9 to 1233
  5. 2Gabbro Nor ASfrom rank 3 to 555

Awards · 2024 · Morning class Medium

Most profitableStore Norske Gruvedrift AS83.3%
Fastest growthStange Pukk AS73.1%
Strongest balance sheetLundhs AS75.0%
Largest revenueFranzefoss Pukk AS449 MNOK
Highest revenue per employeeStore Norske Gruvedrift AS5.7 MNOK

Needs attention · 2024 · Morning class Medium

4 companies show at least one warning sign. Showing the 4 most important.

Sector map · 2024 · 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.

−5%0%5%10%−20%0%20%40%60%Operating margin (profitability) →Equity ratio (solidity) →Franzefoss Pukk AS: operating margin −3.3%, equity ratio 34.5%, rank 11Lundhs AS: operating margin 4.1%, equity ratio 75.0%, rank 4Gunnar Holth Grusforretning AS: operating margin 5.5%, equity ratio 36.7%, rank 10Feiring Bruk AS: operating margin −6.9%, equity ratio 28.3%, rank 14Velde Pukk AS: operating margin 10.9%, equity ratio 13.4%, rank 9Gabbro Nor AS: operating margin 7.4%, equity ratio 45.1%, rank 5Store Norske Gruvedrift AS: operating margin 83.3%, equity ratio −30.0%, rank 3Forsand Sandkompani AS: operating margin 13.8%, equity ratio 53.3%, rank 1Hamar Pukk og Grus AS: operating margin 4.2%, equity ratio 23.2%, rank 13TT Pukk AS: operating margin 1.2%, equity ratio 47.8%, rank 6Naturstenskompaniet Norge AS: operating margin −0.7%, equity ratio 27.2%, rank 12Reipå Knuseri AS: operating margin 9.6%, equity ratio 64.6%, rank 2Stange Pukk AS: operating margin 8.3%, equity ratio 22.6%, rank 8Svelviksand AS: operating margin 11.5%, equity ratio 23.5%, rank 7
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
Forsand Sandkompani AS13.8%53.3%108 MNOK
Reipå Knuseri AS9.6%64.6%60 MNOK
Store Norske Gruvedrift AS83.3%−30.0%184 MNOK
Lundhs AS4.1%75.0%438 MNOK
Gabbro Nor AS7.4%45.1%195 MNOK
TT Pukk AS1.2%47.8%80 MNOK
Svelviksand AS11.5%23.5%52 MNOK
Stange Pukk AS8.3%22.6%53 MNOK
Velde Pukk AS10.9%13.4%214 MNOK
Gunnar Holth Grusforretning AS5.5%36.7%408 MNOK
Franzefoss Pukk AS−3.3%34.5%449 MNOK
Naturstenskompaniet Norge AS−0.7%27.2%69 MNOK
Hamar Pukk og Grus AS4.2%23.2%88 MNOK
Feiring Bruk AS−6.9%28.3%288 MNOK

Holding and investment companies · 2024

4 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: 2 have at least 10 MNOK in assets and are listed.

Holding and investment companies
RankCompanyScore Equity ratioReturn on assetsCurrent ratioTotal assets
1Vestheim Holding AS60 98.6%8.2% 46.5521 MNOK
2Sørlie Mining Invest AS40 87.4%62.9% 8.3116 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 yearMedian operating marginMedian equity ratio
2022 · weakest year0.1%20.0%
20237.5%39.4%
20247.9%42.9%
20256.5%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 1.4 percentage points.

USD/NOK per year and the sector's median operating margin
Measure202120222023202420252026
USD/NOK, annual average8.599.6110.5610.7510.399.54 (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%7.5%7.9%6.5%–

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 1.4 percentage points.

EUR/NOK per year and the sector's median operating margin
Measure202120222023202420252026
EUR/NOK, annual average10.1610.1011.4211.6211.7211.04 (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%7.5%7.9%6.5%–

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 1.4 percentage points.

Policy rate per year and the sector's median operating margin
Measure202120222023202420252026
Policy rate, annual average0.081.323.544.504.304.14 (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%7.5%7.9%6.5%–

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

When USD/NOK fell in 2025, 47 of 90 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.

12024K402025K102025K212025K332025K412026K102026K212026K3

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

All bankruptcies and liquidations in the sector

Industry codes (NACE)

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