NRE Group A/S reports a group profit

NRE Group A/S has just reported its financial statements for the fiscal year 2023/24 showing a profit before tax of DKK 15.6 million. Subsequently, the equity including minority interests amounts to DKK 116.5 million, corresponding to an equity ratio of 29.2%.

According to CEO and partner of NRE Group, Jacob Eiskjær Olesen, the result partially meets the expectations:

“The current financing costs and general market uncertainty have led to restraint from major investors. This restraint and significantly lower contracting margins than before, hasnegatively impacted our earnings.”

Despite the current market conditions, NRE feels well prepared for the coming years.

In Denmark, NRE sees increasing activity in the form of contracts for small and medium-sized turnkey projects. In Norway and Sweden, the group's significant efforts in recent years are beginning to bear fruit. In Norway, construction of a residential project in Ås commenced during the fiscal year, and the construction start of a larger townhouse project in Røyken is also expected in the upcoming fiscal year. In Sweden, NRE has initiated construction of a residential project in Vallentuna, and another project is expected to commence in summer 2024.

“In a market like this, having skilled colleagues around you is crucial, and I am very proud of how my colleagues have tackled the market challenges. We remain true to our strategy, and therefore, we are confident. We collaborate with strong partners, and we continue with a strong activity in 2024/25 across Norway, Sweden and Denmark” says Jacob Eiskjær Olesen.


Caption: In the fiscal year NRE Group has delivered, among other things, the group's largest residential project to date consisting of 286 housing units, a grocery store and a number of smaller retail leases at Søtorvet in Silkeborg