Record year for Bonum

The young residential developer Bonum AS more than doubled its turnover last year and achieved an annual profit of 37 million kroner.

Bonum was established in 2011 and in its fifth financial year reached a turnover of 236.8 million kroner. This represents growth of 126.2 per cent from 2014.

From 2014 to 2015, the annual profit also increased from 6 to 37 million, whilst total capital grew from 103.8 to 250.4 million kroner.

High expectations

The board is satisfied with the development, and it is in line with the board's expectations. The board further notes that the company has several exciting projects under development, so that the board has high expectations for 2016. Turnover is expected to continue to increase, whilst the company's profit margin is expected to remain stable, it says in the board's report.

The profit margin in 2015 was 21.6 per cent.

Favourable market

Chief executive of Bonum, Thomas Bergum Bø, is naturally pleased with last year.

The figures speak for themselves. At the same time, it has been a very favourable market, and that naturally contributes to the figures, he says.

According to Bergum, the company has a good portfolio of projects, but Bonum is constantly on the lookout for new ones.

Started by childhood friends

Bonum was established by six childhood friends with backgrounds in, amongst other things, law, economics and marketing. In the beginning, they renovated bathrooms and kitchens for private individuals. They brought in master builders who were responsible for the projects, whilst also beginning to employ other tradespeople.

In time, there were larger contracting assignments, but the business really took off when Bonum in summer 2013 bought the raw lofts at the housing cooperative Rosenhoff Kvartal in Oslo. Since then, they have invested heavily in residential development.

Collaborative projects

Recently, it also became known that the new company Bonum Utvikling AS has been established to take responsibility for the larger collaboration-based development projects.

Salman Saeed from Linstow and Kjell Kristian Olstad from Stor-Oslo Eiendom will lead the new initiative.

Bonum AS will, however, continue as before with projects under its own management.