Rocket growth for Bonum

The group of friends behind Bonum sold 171 homes for a total value of 1.1 billion kroner in 2016. Bonum now holds properties worth around 5 billion kroner.

(Finansavisen): Our goal for last year was to double turnover, and we managed that, says managing director Thomas Bergum Bø at Bonum.

Property developer Bonum has grown at record speed since its launch in 2011. Last year the group's turnover grew by 133 per cent, to 582 million kroner. The annual result ended at 95 million kroner, giving a profit margin of 16 per cent. By comparison, the group made a loss of 24 million kroner in 2015.

The consolidated accounts don't show the whole picture, either on the top or bottom line. The actual turnover isn't shown until the property is sold to the end user. Therefore it's a poor measure of how we work today. Bonum has sold property portfolios for around 1.1 billion kroner in 2016, says Bergum Bø to Finansavisen.

Property worth 5 billion

He points out that some of the projects were done in collaboration with other investors, where Bonum didn't own the entire project itself. Bonum completed 97 homes on its own books last year. Including portfolio sales, the company sold 171 homes in 2016.

Our goal is for Bonum to double the 'land bank' to 10 billion kroner in realisation value during 2018, says Bergum Bø to Finansavisen, adding:

The biggest growth challenges are behind us, and Bonum is now at a level we can live with. The focus going forward will be to concentrate on '50-plus' units and our signature projects.

The total realisation value of the properties amounts to around 5 billion kroner, according to Bonum's own assessments.