Shipping’s largest classification society DNV GL has reported an improvement in profit and revenue despite a “challenging” market in 2018. .
According to its end of year figures revenue increased slightly to NOK 19.6bn ($2.2bn) in 2018 compared to NOK 19.4bn in the previous year.
This helped earnings before interest taxes and amortization (EBIT) increase to NOK 1bn last year, compared to NOK 993m in 2017.
In turn operating profit rose to NOK 549m, compared to NOK 474m in the previous year.
Maritime remains the largest part of the diversified classification societies’ business, accounting for revenue of NOK 6.7bn and employing 3,484 people.
DNV GL chief executive Remi Eriksen said that DNV GL won a 25% share of the newbuilding business last year, positioning it “way ahead of other classification societies,” in the sector he said.
Business assurance was one of the biggest growth sectors for DNV GL increasing by 11% in 2018.
Eriksen said: “Our focus on reducing costs and improving productivity remained very much in place, while we prioritised investments in digital processes and services.
"As a result, we are now even better placed to add value by bringing our technical expertise efficiently to our customers in a decarbonising and digitalising market.”
He said the market and earnings had picked up in the later half of last year and he expects that to continue in this year.
“We have seen an improvement in revenue and profit and I think these trends will continue into 2019,” he said.
