Sultan AS
Not financial advice. The index, rank, signals and advice are rule-based indications from the latest filed annual accounts. They are not a credit rating, an assessment of management or a recommendation to buy, sell or do business with the company. Read more
Key facts
Is the company run well?
Five key figures against companies in the Morning class Micro in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 8.9% Better than the industry Industry: 5.0%
- Returns · return on assets 10.1% About like the industry Industry: 8.6%
- Solidity · equity ratio 14.6% Weaker than the industry Industry: 31.1%
- Liquidity · current ratio 2.13 Better than the industry Industry: 1.44
- Growth · revenue growth −7.1% Weaker than the industry Industry: 7.3%
The mark comes from the company's place among comparable companies (percentile): green from 60, amber from 40, red below 40. Negative equity, an operating loss and a current ratio under 1 pull it down regardless. Methodology
Score · fiscal year 2025
48of 100
How to read this: the company is ahead of 45 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 1,578 of 2,855 · What are Morning company classes?
Place in the whole sector: 2,804 of 4,999 · Transport og lagring
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 59 and resilience 43 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Sultan AS is 3 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 2,853 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 8.9% (median 5.0%) and equity ratio 14.6% (median 31.1%).
How it has gone · 2024–2025
Revenue fell by 7 % from 2024 to 2025, to 4.4 MNOK. The operating margin fell from 10.5% in 2024 to 8.9% in 2025. The equity ratio rose from 9.1% in 2024 to 14.6% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Accounts in short
| Key figure | 2024 | 2025 |
|---|---|---|
| Operating revenue | 4.7 MNOK | 4.4 MNOK |
| Operating profit | 0.5 MNOK | 0.4 MNOK |
| Net profit | 0.3 MNOK | 0.2 MNOK |
| Total assets | 3.7 MNOK | 3.9 MNOK |
| Equity | 0.3 MNOK | 0.6 MNOK |
| Total liabilities | 3.4 MNOK | 3.3 MNOK |
From the Brønnøysund Register Centre, in the company's reporting currency (NOK). See every figure year by year
From the Central Coordinating Register
- Org. no.
- 932977966
- Legal form
- AS
- Sector
- Transport og lagring (49.330)
- Purpose
- Utleie av drosjesjåfører og bil til persontransport/drosje virksomhet.
- Morning company class
- Micro
- Employees
- 7 registered 10 November 2026
- Founded
- 7 November 2023 3 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Enebakkveien 226, 1187 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Audit
- Audit opted out from 8 February 2024
- Latest accounts filed
- 2025
- VAT registered
- Yes
Source: Central Coordinating Register, Brønnøysund Register Centre. The employee count is reported by the company and may be older than the accounts. See the company at the Brønnøysund Register Centre
Sultan AS has a score of 48 for 2025, rank 2,804 of 4,999 in the sector.
Strongest: Liquidity: percentile 67 against peers, current ratio 2.13 against a median of 1.44. Consistency: percentile 65 against peers.
Weakest: Solidity: percentile 26 against peers, equity ratio 14.6% against a median of 31.1%. Growth: percentile 36 against peers, revenue growth −7.1% against a median of 7.3%.
Worth a closer look
- Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group? Based on: receivable days 178 days (median 41 days).
- What lies behind weak solidity, and will it last?
- What lies behind weak growth, and will it last?
- The change in operating margin in 2025 was 1.7 percentage points weaker than for comparable companies: the company −1.6, the industry +0.1 points. That is the company's own, not something that hit the whole industry.
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
Worth a closer look
- watch
Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group?
Based on: Receivable days 178 days (median 41 days).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 2.9% of the debt in 2025. The policy rate averaged 4.30 % the same year. This is a plain description of what the debt cost, not a model of interest sensitivity.
See interest rates, prices and exchange rates for the sector
Data quality
No anomalies found in the figures.
Scenario analysis: the sector's weakest year
We have no accounts for 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 2.3%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 59 | weight 40% |
|---|---|---|
| Solidity | 26 | weight 20% |
| Liquidity | 67 | weight 5% |
| Growth | 36 | weight 25% |
| Consistency | 65 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 47 (average over 2 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 4 MNOK | 3 MNOK |
| Operating margin | 8.9% | 5.0% |
| Profit margin | 6.7% | 4.2% |
| Return on assets | 10.1% | 8.6% |
| Equity ratio | 14.6% | 31.1% |
| Debt-to-equity | 5.84 | 1.47 |
| Current ratio | 2.13 | 1.44 |
| Revenue growth | −7.1% | 7.3% |
| Revenue per employee | 0.55 MNOK | 0.59 MNOK |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 48, Sultan AS does better than 45% of companies in the Morning class Micro in the same sector (2,855 companies) in 2025.
Score 2024–2025
- Sultan AS
- Median: companies in the Morning class Micro in the same sector
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
178 days | 41 days | |
| Inventory and other current assets, days Current assets other than receivables and bank deposits, that is inventory and short-term investments, in days of revenue. |
– | 0 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
21.5% | −6.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
16.2% | 53.6% | |
| Debt and interest burden | |||
| Interest coverage (times) Operating result divided by all financial costs. Below 1: operations do not cover the cost of the debt. |
4.0 | 3.3 | |
| Financial costs as a share of debt All financial costs (interest, currency losses and other) divided by all debt, interest-free debt included. Not an interest rate. |
2.9% | 2.4% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 39.5% | |
Net working capital (current assets less bank deposits less current liabilities): 0.9 MNOK.
Of the financial costs of 0.1 MNOK, 0.1 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of the group with a lower figure: higher is not always better, long receivable days tie up capital, for example. These figures do not count in the score.
Returns, debt against earnings and quality
The accounts for 2025 lack the figures needed.
The industry or the company: what drove the result?
In 2025 the operating margin of Sultan AS fell by 1.6 percentage points. Comparable companies rose by a median 0.1 points. So the company did 1.7 points weaker than the industry, for reasons of its own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2025 | 8.9% | 5.0% | −1.6 percentage points | +0.1 percentage points | −1.7 percentage points |
Comparable companies are those in the same industry and Morning company class. Their change shows what hit the whole industry, the sector drivers below included. The rest is the company's own: contracts, costs, one-off items or operations. The share is approximate, and we claim no cause.
The company and its sector's drivers
Prices, rate and currency that shape the sector's year, year by year beside the operating margin of Sultan AS. The figures stand side by side; we claim no cause.
Service prices: transport and storage (indeks (2021 = 100))
| Measure | 2024 | 2025 | 2026 |
|---|---|---|---|
| Service prices: transport and storage, annual average | – | 114.6 | 119.3 (so far) |
| Change from the year before | – | – | +4.1% |
| The company's operating margin | 10.5% | 8.9% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: transport and storage (49–53, incl. shipping) (indeks (2021 = 100))
Turnover index: transport and storage (49–53, incl. shipping) rose 2.6% in 2025; the operating margin of Sultan AS fell 1.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: transport and storage (49–53, incl. shipping), annual average | 99.6 | 124.2 | 125.0 | 128.8 | 132.2 | 137.4 (so far) |
| Change from the year before | −2.2% | +24.7% | +0.7% | +3.1% | +2.6% | +3.9% |
| The company's operating margin | – | – | – | 10.5% | 8.9% | – |
Source: SSB (13863, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
Oil price (export price of crude oil) fell 17.6% in 2025; the operating margin of Sultan AS fell 1.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Oil price (export price of crude oil), annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| The company's operating margin | – | – | – | 10.5% | 8.9% | – |
Source: SSB (08799, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Sultan AS fell 1.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 103.0 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +3.0% |
| The company's operating margin | – | – | – | 10.5% | 8.9% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Sultan AS fell 1.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (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 | −0.12 percentage points |
| The company's operating margin | – | – | – | 10.5% | 8.9% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: land transport (indeks)
Wage index: land transport rose 5.1% in 2025; the operating margin of Sultan AS fell 1.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: land transport, annual average | 87.5 | 91.1 | 95.7 | 101.0 | 106.2 | 108.9 (so far) |
| Change from the year before | +3.3% | +4.1% | +5.1% | +5.5% | +5.1% | +2.5% |
| The company's operating margin | – | – | – | 10.5% | 8.9% | – |
Source: SSB (12314, CC BY 4.0). Source
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.
What the numbers say
Sultan AS had an operating margin of 8.9% and an equity ratio of 14.6% in 2025, and ranks 2,804 of 4,999 in Transport og lagring.
From 2024 to 2025: the equity ratio rose from 9.1% to 14.6%.
This text is generated automatically from the 2025 accounts.
Three simple methods
Suggested price: about 3 MNOK
The mean of the 3 methods below (P/E, EV/EBIT and P/B with listed multiples and a size adjustment), rounded to two significant figures. It is a calculation, not a bid or a valuation. The methods differ widely (the highest is 8.4 times the lowest), so the estimate is uncertain.
That is about 100 NOK per share, on 30,000 shares in the shareholder register.
The methods give between 1 MNOK and 5 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 19.6 | 3 MNOK |
| EV/EBIT | 17.7 | 5 MNOK |
| P/B | 1.8 | 1 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 8 MNOK |
| Enterprise value after the size adjustment | 5 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 5 MNOK |
Net debt is a rough figure: long-term liabilities minus cash. The accounts do not split interest-bearing debt from other liabilities, and short-term borrowings are not included. The size adjustment applies to the enterprise value, not to the debt.
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 4% on the cost of equity gives a value 38% lower. No separate marketability discount is applied, because the premium already allows for the company being small and unlisted.
The multiples are from the listed industry that matches the NACE code (49.3): Transportation.
Not financial advice. The value range is a rough model estimate from listed-company multiples, not a valuation, a price target or a price offer. The actual value may differ greatly. Read more
A mechanical estimate from public accounts, not advice. A mechanical estimate from public accounts with listed multiples and fixed adjustments. Not a valuation and not advice to buy or sell. See the calculation
Figures you will not find in any register
We calculated these figures ourselves from the accounts and registers we have read. The company has not reported them and the Brønnøysund Register Centre does not publish them. They are indications and are not part of the index. How we calculate
- Personnel cost per employee
- 0.44 MNOK per employee in 2025
Comparable companies have a median of 0.27 MNOK. This company is above 81% of them (811 companies in the same industry and size class).
Payroll costs are 70% of revenue.
Payroll costs in the accounts divided by 7 employees in the business register. Payroll costs include employer's contribution and pension, so they are higher than wages. The employee count is a snapshot and can differ from the average over the accounting year. - Equity paid out or paid in
- Equity moved as the result implied in 2025.
Calculated as retained earnings at the start of the year + net result − retained earnings at the end of the year. What remains is dividends and group contributions, plus transfers to other items and corrections of earlier years. It is not a dividend figure. - Owners and leadership aged 60 or older
- No sign of a near generation change in the ages.
- The chair is under 60.
- The managing director is under 60.
- 0 of 1 on the board are 60 or older.
Not financial advice. The index, rank, signals and advice are rule-based indications from the latest filed annual accounts. They are not a credit rating, an assessment of management or a recommendation to buy, sell or do business with the company. Read more
Questions and answers
How profitable is Sultan AS?
The operating margin was 8.9% in 2025, against a median of 5.0% among companies in the Morning class Micro in the same sector. Return on assets was 10.1%.
How solid is Sultan AS?
The equity ratio was 14.6% in 2025 (median 31.1%). Debt-to-equity was 5.84 (median 1.47).
What is the liquidity of Sultan AS like?
The current ratio was 2.13 in 2025 (median 1.44).
How does Sultan AS compare in Transport og lagring?
Sultan AS ranks 2,804 of 4,999 in Transport og lagring for 2025. Among companies in the Morning class Micro it is number 1,578 of 2,855. Revenue changed by −7.1% from the year before.
Competitors
The 8 closest competitors in the same line of business, placed in the same matrix as the sector page: profitability up, resilience to the right. These are the companies the competitor analysis and the strategy report compare with.
Each bubble is a company: this company and its closest competitors in the same line of business and size, the same ones the competitor analysis uses. Placement is 0–100 against the whole sector and Morning company class: further right is more robust, higher up is more profitable. Bubble size is revenue. The light bubble and arrow show where the company stood the year before. Pick a profile to see fewer at a time.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Royal Crown Taxi AS |  Cheetah |
5 MNOK | 26.0% | 72 |
| Atd Logistics AS · same municipality |  Beaver |
5 MNOK | 0.1% | 40 |
| Vestfold Taxi-Line AS | Cheetah |
5 MNOK | 13.4% | 62 |
| Oslo App Taxi AS · same municipality | Cheetah |
5 MNOK | 14.6% | 60 |
| Alltid Taxi AS |  Lion |
4 MNOK | 7.3% | 53 |
| Sultan AS (this company) | Cheetah |
4 MNOK | 8.9% | 48 |
| Hareid Taxi AS | Cheetah |
4 MNOK | 12.3% | 60 |
| Drive Fellow AS · same municipality | Beaver |
4 MNOK | 4.3% | 46 |
| Empire Transport AS · same municipality | Beaver |
4 MNOK | −7.8% | 15 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group structure · 2025
5 companies in the group according to the shareholder register for 2025. A company counts as a subsidiary when a Norwegian company owns more than half of its shares.
Private persons own 100% of the shares in Radhia Holding AS. Persons are not shown by name.
Radhia Holding AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
The group in figures
- Sectors
- Forretningsmessig tjenesteyting (2 companies), Transport og lagring (3 companies) 5 of 5 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Employees in Norway
- 15 in all. Oslo 15 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Loss
- 1 company: Radhia Holding AS
- Changed 2024–2025
- 1 company joined the group: Nosherwan AS.
A subsidiary with negative equity or a loss may be backed by the group, for example with group contributions or guarantees. It is an indication of what is worth asking about, not an assessment.
-
Radhia Holding AS
- Sultan AS you are here
- Pti AS
- Ayaan AS
- Nosherwan AS
Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.
Source: the Norwegian Tax Administration's shareholder register 2025 (majority owner with more than 50 % of the shares). Voting agreements and ownership through other countries are not included.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Radhia Holding AS (100%)
Ultimate owner: private person
The owner: the majority owner Radhia Holding AS (holds 100%) made a loss in 2025. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- Radhia Holding AS · 100.0%
The company is new in the shareholder register in 2025.
Source: the Norwegian Tax Administration's shareholder register as of 2025. Figures may be older than today's ownership. Private persons are not shown by name.
Error in the data?
Do you see an error in the figures or in how the company is mapped (sector, holding, group)? Let us know. Corrections require documentation.
Is this your company? Suggest changes or add information
Figures last fetched 6 November 2026.
Year by year · 2024–2025
| Key figure | 2024 | 2025 | Trend |
|---|---|---|---|
| Index | 47 | 48 | |
| Rank | 2,695 | 2,804 | |
| Operating margin | 10.5% | 8.9% | |
| Return on assets | 13.4% | 10.1% | |
| Equity ratio | 9.1% | 14.6% | |
| Current ratio | 1.71 | 2.13 | |
| Revenue growth | – | −7.1% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2024 | 2025 |
|---|---|---|
| Operating revenue | 4.7 MNOK | 4.4 MNOK |
| Operating profit | 0.5 MNOK | 0.4 MNOK |
| Profit before tax | 0.4 MNOK | 0.3 MNOK |
| Tax expense | 0.1 MNOK | 0.1 MNOK |
| Net profit | 0.3 MNOK | 0.2 MNOK |
| Financial expenses | 0.1 MNOK | 0.1 MNOK |
| Total assets | 3.7 MNOK | 3.9 MNOK |
| Current assets | 1.9 MNOK | 2.6 MNOK |
| Equity | 0.3 MNOK | 0.6 MNOK |
| Retained earnings | 0.3 MNOK | 0.5 MNOK |
| Total liabilities | 3.4 MNOK | 3.3 MNOK |
| Current liabilities | 1.1 MNOK | 1.2 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 6 November 2026, accounts id 6771126.
Further
Similar companies
- MG Transport Experts AS index 48, rank 2,801 · compare
- Easy Frakt AS index 48, rank 2,803 · compare
- Viken Kran AS index 47, rank 2,806 · compare
- Nordkynterminalen AS index 47, rank 2,810 · compare
- Desa Nor Express AS index 47, rank 2,812 · compare