Sector

290 companies ranked against comparable companies in four Morning company classes. Fiscal year 2022. Source: Brønnøysund Register Centre. Methodology

Ranking · 2022 · Morning class Medium

Morning class Medium · 2022
#CompanyProfileScoreChangeFive years
1 Autoinvest AS Leader 97 –
2 Asian Food Import AS Leader 93 –
3 Unicod AS Leader 74 –
4 Ceragon Networks AS Leader 70 –
5 Frigopanel AS Sprinter 67 –
6 West System Norge AS Steward 64 –
7 Scanasia AS Steward 62 –
8 Eye Networks AS Leader 61 –
9 FISKARS NORWAY (VITA) AS Sprinter 60 –
10 Gadus Norway AS Leader 58 –
11 Fritidsgården Bergen AS Sprinter 58 –
12 Merlett Nor AS Sprinter 57 –
13 Egs Entreprenør AS Sprinter 56 –
14 Andenes Fiskemottak AS Steward 52 –
15 Bensinstasjon 1 AS Steward 48 –
16 Interoptik AS Steward 47 –
17 Cars Invest AS Sprinter 43 –
18 Norse Bunker AS Steward 42 –
19 Ålgård Landbrukssenter AS Builder 42 –
20 Samlerhuset Norge AS Steward 39 –
21 Auto Bærum AS Builder 37 –
22 Style Auto AS Sprinter 37 –
23 Culligan Norge AS Sprinter 31 –
24 Essilor Norge AS Sprinter 30 –
25 Norsk Entreprenørservice AS Builder 29 –
26 Sulzer Pumps Wastewater Norway AS Builder 25 –
27 Flos Norge AS Builder 23 –
28 Polar Varme AS Builder 10 –
29 Kvik Drammen AS Builder 3 –

The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode

Biggest moves · Morning class Medium

Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.

Top lists in the sector · 2022 · Morning class Medium

The five largest companies account for 23% of the sector's revenue. Combined profit before tax for the 29 ranked companies: 110 MNOK.

Highest revenue

  1. Asian Food Import AS 344 MNOK
  2. FISKARS NORWAY (VITA) AS 343 MNOK
  3. Norse Bunker AS 319 MNOK
  4. Interoptik AS 284 MNOK
  5. Ålgård Landbrukssenter AS 224 MNOK

Operating revenue.

Highest operating margin

  1. Asian Food Import AS 12.4%
  2. Autoinvest AS 6.8%
  3. Frigopanel AS 5.7%
  4. Essilor Norge AS 4.3%
  5. FISKARS NORWAY (VITA) AS 4.1%

Operating result divided by operating revenue.

Largest profit

  1. Asian Food Import AS 44 MNOK
  2. Ceragon Networks AS 32 MNOK
  3. FISKARS NORWAY (VITA) AS 15 MNOK
  4. Autoinvest AS 7 MNOK
  5. Essilor Norge AS 6 MNOK

Profit before tax.

Largest loss

  1. Culligan Norge AS −8 MNOK
  2. Samlerhuset Norge AS −6 MNOK
  3. Kvik Drammen AS −6 MNOK
  4. Flos Norge AS −6 MNOK
  5. Norse Bunker AS −1 MNOK

Profit before tax, the largest negative.

Most solid

  1. Autoinvest AS 92.2%
  2. Ceragon Networks AS 87.0%
  3. Asian Food Import AS 73.0%
  4. Andenes Fiskemottak AS 62.9%
  5. Scanasia AS 59.5%

Equity ratio: equity divided by total assets.

Fastest growth

No company meets the requirement this year.

Revenue growth from the year before, only from at least NOK 10 million in revenue.

Largest revenue decline

No company meets the requirement this year.

Revenue decline from the year before, only from at least NOK 10 million in revenue.

Biggest climbers

Requires an index for two financial years.

Change in index points from the year before.

Biggest fallers

Requires an index for two financial years.

Change in index points from the year before.

Most employees

  1. Interoptik AS 305
  2. Culligan Norge AS 134
  3. Samlerhuset Norge AS 58
  4. Sulzer Pumps Wastewater Norway AS 48
  5. Bensinstasjon 1 AS 46

Employees according to the Central Coordinating Register.

Highest revenue per employee

  1. Merlett Nor AS 19.2 MNOK
  2. FISKARS NORWAY (VITA) AS 19.1 MNOK
  3. Autoinvest AS 16.8 MNOK
  4. Fritidsgården Bergen AS 13.1 MNOK
  5. Eye Networks AS 11.3 MNOK

Only companies with at least 5 employees.

The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.

Quadrant analysis

Positions in the sector · 2022 · Morning class Medium

Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.

Bubble size shows relative revenue, not exact figures.

  • Lion · LeaderHigh profitability, high solidity
  • Cheetah · SprinterHigh profitability, lower solidity
  • Elephant · StewardLower profitability, high solidity
  • Beaver · BuilderLower profitability, lower solidity
Show the positions as a list
CompanyProfileProfitabilitySolidityIn 2021 (profitability / solidity)
Asian Food Import ASLion9892–
Autoinvest ASLion93100–
Frigopanel ASCheetah8938–
Cars Invest ASCheetah7911–
Merlett Nor ASCheetah7946–
FISKARS NORWAY (VITA) ASCheetah7550–
Egs Entreprenør ASCheetah7534–
Ceragon Networks ASLion7096–
Gadus Norway ASLion7057–
Essilor Norge ASCheetah700–
Eye Networks ASLion6454–
Unicod ASLion6177–
Fritidsgården Bergen ASCheetah6142–
Culligan Norge ASCheetah570–
Style Auto ASCheetah5523–
Norsk Entreprenørservice ASBeaver4519–
Sulzer Pumps Wastewater Norway ASBeaver437–
Norse Bunker ASElephant4169–
Ålgård Landbrukssenter ASBeaver3826–
Scanasia ASElephant3485–
Andenes Fiskemottak ASElephant3088–
Auto Bærum ASBeaver3015–
West System Norge ASElephant2781–
Interoptik ASElephant2573–
Bensinstasjon 1 ASElephant2065–
Polar Varme ASBeaver120–
Samlerhuset Norge ASElephant761–
Flos Norge ASBeaver230–
Kvik Drammen ASBeaver20–
The sector in numbers

Summary · fiscal year 2022 · Morning class Medium

The sector's median operating margin is 1.8%. 8 of 56 companies have negative equity. The median equity ratio is 24.1%.

Companies with accounts56
Total revenue7,146 MNOK
Median operating margin1.8%
Median equity ratio24.1%
Share with a loss45%
Share with negative equity14%

All figures are for fiscal year 2022. Ranked: 29 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

  • Growth is not included in the index: it needs the previous year's accounts.

Climbers and fallers · Morning class Medium

Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.

Awards · 2022 · Morning class Medium

Most profitableAsian Food Import AS12.4%
Strongest balance sheetAutoinvest AS92.2%
Largest revenueAsian Food Import AS344 MNOK
Highest revenue per employeeMerlett Nor AS19.2 MNOK

Needs attention · 2022 · Morning class Medium

34 companies show at least one warning sign. Showing the 15 most important.

Sector map · 2022 · Morning class Medium

Profitability against solidity for the ranked companies. Size shows revenue. Coral triangle: negative equity. Click to open the company. Outliers are placed on the edge.

−4%−2%0%2%4%6%−20%0%20%40%60%Operating margin (profitability) →Equity ratio (solidity) →Asian Food Import AS: operating margin 12.4%, equity ratio 73.0%, rank 2FISKARS NORWAY (VITA) AS: operating margin 4.1%, equity ratio 24.6%, rank 9Norse Bunker AS: operating margin 3.0%, equity ratio 49.2%, rank 18Interoptik AS: operating margin 0.4%, equity ratio 51.9%, rank 16Ålgård Landbrukssenter AS: operating margin 1.1%, equity ratio 17.4%, rank 19Sulzer Pumps Wastewater Norway AS: operating margin 1.6%, equity ratio 1.7%, rank 26Culligan Norge AS: operating margin 3.0%, equity ratio −5.6%, rank 23Unicod AS: operating margin 0.4%, equity ratio 57.7%, rank 3Essilor Norge AS: operating margin 4.3%, equity ratio −17.0%, rank 24Samlerhuset Norge AS: operating margin −4.4%, equity ratio 35.0%, rank 20Auto Bærum AS: operating margin 0.4%, equity ratio 9.7%, rank 21Scanasia AS: operating margin −0.2%, equity ratio 59.5%, rank 7Eye Networks AS: operating margin 3.1%, equity ratio 27.1%, rank 8Andenes Fiskemottak AS: operating margin 0.7%, equity ratio 62.9%, rank 14Egs Entreprenør AS: operating margin 3.6%, equity ratio 20.3%, rank 13Fritidsgården Bergen AS: operating margin 1.8%, equity ratio 24.0%, rank 11Bensinstasjon 1 AS: operating margin 0.1%, equity ratio 36.1%, rank 15Merlett Nor AS: operating margin 4.1%, equity ratio 24.1%, rank 12Frigopanel AS: operating margin 5.7%, equity ratio 23.0%, rank 5Kvik Drammen AS: operating margin −5.1%, equity ratio −36.1%, rank 29Style Auto AS: operating margin 1.8%, equity ratio 12.3%, rank 22Autoinvest AS: operating margin 6.8%, equity ratio 92.2%, rank 1West System Norge AS: operating margin 0.8%, equity ratio 58.8%, rank 6Gadus Norway AS: operating margin 2.5%, equity ratio 34.0%, rank 10Polar Varme AS: operating margin −0.1%, equity ratio −19.8%, rank 28Ceragon Networks AS: operating margin 2.5%, equity ratio 87.0%, rank 4Flos Norge AS: operating margin −10.0%, equity ratio 19.7%, rank 27Cars Invest AS: operating margin 2.9%, equity ratio 8.6%, rank 17Norsk Entreprenørservice AS: operating margin 1.6%, equity ratio 10.4%, rank 25
Show the map's figures as a table
CompanyOperating marginEquity ratioRevenue
Autoinvest AS6.8%92.2%101 MNOK
Asian Food Import AS12.4%73.0%344 MNOK
Unicod AS0.4%57.7%180 MNOK
Ceragon Networks AS2.5%87.0%63 MNOK
Frigopanel AS5.7%23.0%115 MNOK
West System Norge AS0.8%58.8%96 MNOK
Scanasia AS−0.2%59.5%143 MNOK
Eye Networks AS3.1%27.1%136 MNOK
FISKARS NORWAY (VITA) AS4.1%24.6%343 MNOK
Gadus Norway AS2.5%34.0%89 MNOK
Fritidsgården Bergen AS1.8%24.0%118 MNOK
Merlett Nor AS4.1%24.1%115 MNOK
Egs Entreprenør AS3.6%20.3%121 MNOK
Andenes Fiskemottak AS0.7%62.9%133 MNOK
Bensinstasjon 1 AS0.1%36.1%115 MNOK
Interoptik AS0.4%51.9%284 MNOK
Cars Invest AS2.9%8.6%54 MNOK
Norse Bunker AS3.0%49.2%319 MNOK
Ålgård Landbrukssenter AS1.1%17.4%224 MNOK
Samlerhuset Norge AS−4.4%35.0%157 MNOK
Auto Bærum AS0.4%9.7%144 MNOK
Style Auto AS1.8%12.3%104 MNOK
Culligan Norge AS3.0%−5.6%188 MNOK
Essilor Norge AS4.3%−17.0%174 MNOK
Norsk Entreprenørservice AS1.6%10.4%52 MNOK
Sulzer Pumps Wastewater Norway AS1.6%1.7%202 MNOK
Flos Norge AS−10.0%19.7%60 MNOK
Polar Varme AS−0.1%−19.8%67 MNOK
Kvik Drammen AS−5.1%−36.1%114 MNOK

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 1.5%.

Based on the 11 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal yearMedian operating marginMedian equity ratio
201614.9%−59.5%
20173.7%−53.9%
201813.3%−34.0%
2019––
2020––
202114.9%48.0%
2022 · weakest year1.5%19.7%
20232.9%34.3%
20242.7%34.1%
20253.0%33.7%
20264.4%28.9%

In 2022, 123 ranked companies did better than the sector, 49 about the same and 118 weaker.

Held up best in 2022

  1. 1Maritim Gruppen ASequity ratio 63.9%92.4%
  2. 2Tesa ASequity ratio 32.0%47.0%
  3. 3RETAIL & Branding ASequity ratio 13.6%41.5%
  4. 4Pascal Wear ASequity ratio 40.5%39.8%
  5. 5Samirc Norge ASequity ratio 51.2%36.5%
  6. 6Flexifiks ASequity ratio 53.9%34.9%
  7. 7Oslo Frimerke- og Myntauksjoner ASequity ratio 33.8%32.5%
  8. 8Seven Agency ASequity ratio 80.5%31.6%
  9. 9La Cosmetica ASequity ratio 74.7%31.2%
  10. 10Combisafe Norge ASequity ratio 85.4%29.9%

Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology

Drivers in the sector

Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.

Consumer price index (indeks (2025 = 100))

Latest value: 104.0 (2026M09)

Consumer price index rose 3.0% in 2025; the sector's median operating margin rose 0.3 percentage points.

Consumer price index per year and the sector's median operating margin
Measure202120222023202420252026
Consumer price index, annual average84.389.294.197.0100.0102.9 (so far)
Change from the year before+3.5%+5.8%+5.5%+3.2%+3.0%+2.9%
Sector's median operating margin14.9%1.5%2.9%2.7%3.0%4.4%

Source: SSB (14710, CC BY 4.0). Source · fetched 1 November 2026

Policy rate (prosent)

Latest value: 4.30 (2026-09)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 0.3 percentage points.

Policy rate per year and the sector's median operating margin
Measure202120222023202420252026
Policy rate, annual average0.081.323.544.504.304.14 (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−0.16 percentage points
Sector's median operating margin14.9%1.5%2.9%2.7%3.0%4.4%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 1 November 2026

When policy rate fell in 2025, 11,351 of 22,103 ranked companies kept their operating margin at or above the year before. Among the largest: Elkjøp Nordic AS (−0.2% → 0.9%), Lerøy Seafood AS (2.4% → 2.8%), Harald A Møller AS (4.2% → 5.1%), Asko Sentrallager Kjøl AS (0.8% → 1.1%), Power International AS (−0.6% → 1.0%).

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.

The sector in Norway (SSB)

The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.

Enterprises, employment and turnover · 2024

Enterprises
48,396
−2.2% from 2023
Persons employed
384,188
−0.6% from 2023
Turnover
NOK 2,381.9 bn
+1.6% from 2023
Gross operating margin
3.7%
Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

574 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −22.2% against the four quarters before (738). That is about 11.9 per 1,000 enterprises.

2102024K42142025K11702025K21442025K31522025K41342026K11402026K21482026K3

Foreign-controlled enterprises · 2024

Share of enterprises
6.2%
Share of persons employed
25.1%
Share of turnover
32.0%

SSB publishes this for groups of industries only. The figures are for the group “Varehandel, reparasjon av motorvogner”.

Retail and wholesale index, volume · Varehandel, reparasjon av motorvogner

95.7 index, 2021 = 100, seasonally adjusted · 2026M09
+3.1% against 2025M09.

Monthly, 2023M09 to 2026M09.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 07129. CC BY 4.0. Our industry codes (SN2025) are linked to SSB’s (SN2007) with SSB’s correspondence table in Klass.

Latest bankruptcies and liquidations

All bankruptcies and liquidations in the sector

Industry codes (NACE)

CodeDescription
45*Hele hovedgruppe 45
46*Engroshandel (hele hovedgruppen)
46.110Agenturhandel med jordbruksråvarer, levende dyr, tekstilråvarer og halvfabrikater
46.120Agenturhandel med brensel, drivstoff, malm, metaller og industrikjemikalier
46.130Agenturhandel med tømmer, trelast og byggevarer
46.140Agenturhandel med maskiner, produksjonsutstyr, båter og luftfartøy
46.150Agenturhandel med møbler, husholdningsvarer og jernvarer
46.160Agenturhandel med tekstiler, klær, pelsskinn, skotøy og lærvarer
46.170Agenturhandel med nærings- og nytelsesmidler
46.180Agenturhandel med spesialisert vareutvalg ellers
46.190Agenturhandel med bredt vareutvalg
46.210Engroshandel med korn, råtobakk, såvarer og fôrvarer
46.220Engroshandel med blomster og planter
46.230Engroshandel med levende dyr
46.240Engroshandel med huder, skinn og lær
46.310Engroshandel med frukt og grønnsaker
46.321Engroshandel med kjøtt og kjøttvarer
46.322Engroshandel med fisk, skalldyr og bløtdyr
46.330Engroshandel med meierivarer, egg, matolje og -fett
46.340Engroshandel med drikkevarer
46.350Engroshandel med tobakksvarer
46.360Engroshandel med sukker, sjokolade og sukkervarer
46.370Engroshandel med kaffe, te, kakao og krydder
46.380Engroshandel med andre næringsmidler
46.390Engroshandel med bredt utvalg av nærings- og nytelsesmidler
46.410Engroshandel med tekstiler og utstyrsvarer
46.420Engroshandel med klær og skotøy
46.430Engroshandel med elektriske husholdningsapparater
46.440Engroshandel med kjøkkenutstyr av porselen, glass og steintøy og rengjøringsmidler
46.450Engroshandel med parfyme og kosmetikk
46.460Engroshandel med apotekvarer og medisinske varer
46.470Engroshandel med husholdnings-, kontor- og butikkmøbler, gulvtepper og belysningsutstyr
46.480Engroshandel med klokker, ur og smykker
46.490Engroshandel med andre husholdningsvarer
46.500Engroshandel med informasjons- og kommunikasjonsteknologiutstyr
46.610Engroshandel med maskiner og utstyr til jordbruk og skogbruk
46.620Engroshandel med maskinverktøy
46.630Engroshandel med maskiner og utstyr til bergverksdrift, olje- og gassutvinning og bygge- og anleggsvirksomhet
46.640Engroshandel med maskiner og utstyr ellers
46.710Engroshandel med motorvogner
46.720Engroshandel med deler og utstyr for motorvogner
46.730Engroshandel med motorsykler og tilhørende deler og utstyr
46.810Engroshandel med drivstoff, brensel og beslektede produkter
46.820Engroshandel med metaller og metallholdig malm
46.830Engroshandel med tømmer, trelast, byggevarer og sanitærutstyr
46.840Engroshandel med jernvarer, rørleggerartikler og oppvarmingsutstyr
46.850Engroshandel med kjemiske produkter
46.860Engroshandel med innsatsvarer ellers
46.870Engroshandel med avfall og skrap
46.890Engroshandel med spesialisert vareutvalg ikke nevnt annet sted
46.900Uspesifisert engroshandel
47*Detaljhandel (hele hovedgruppen)
47.110Detaljhandel med bredt vareutvalg med hovedvekt på nærings- og nytelsesmidler
47.120Detaljhandel med bredt vareutvalg ellers
47.210Detaljhandel med frukt og grønnsaker
47.220Detaljhandel med kjøtt og kjøttvarer
47.230Detaljhandel med fisk, skalldyr og bløtdyr
47.240Detaljhandel med bakervarer, konditorvarer og sukkervarer
47.250Detaljhandel med drikkevarer
47.260Detaljhandel med tobakksvarer
47.270Detaljhandel med nærings- og nytelsesmidler ellers
47.300Detaljhandel med drivstoff til motorvogner
47.400Detaljhandel med informasjons- og kommunikasjonsteknologiutstyr
47.510Detaljhandel med tekstiler og utstyrsvarer
47.520Detaljhandel med jernvarer, byggevarer, fargevarer og glass
47.530Detaljhandel med tapet, gulvtepper og gulvbelegg
47.540Detaljhandel med elektriske husholdningsapparater
47.551Detaljhandel med møbler, gjelder også madrasser
47.552Detaljhandel med belysningsartikler
47.553Detaljhandel med husholdningsredskaper og bestikk, servise, glassvarer, porselen og keramikk
47.559Detaljhandel med innredningsartikler ikke nevnt annet sted
47.610Detaljhandel med bøker
47.620Detaljhandel med aviser og papirvarer
47.631Detaljhandel med sportsvarer
47.632Detaljhandel med fritidsbåter og tilhørende utstyr
47.640Detaljhandel med spill og leker
47.690Detaljhandel med kulturvarer ikke nevnt annet sted
47.710Detaljhandel med klær
47.720Detaljhandel med skotøy og lærvarer
47.730Detaljhandel med apotekvarer
47.740Detaljhandel med medisinske og ortopediske artikler
47.750Detaljhandel med kosmetikk og toalettartikler
47.761Detaljhandel med blomster, planter, gjødsel og plantevernmidler
47.762Detaljhandel med kjæledyr og varer til kjæledyr
47.770Detaljhandel med ur, klokker og smykker
47.780Annen detaljhandel med andre nye varer
47.790Detaljhandel med brukte varer
47.810Detaljhandel med motorvogner
47.820Detaljhandel med deler og utstyr til motorvogner
47.830Detaljhandel med motorsykler og tilhørende deler og utstyr
47.910Formidlingstjenester tilknyttet detaljhandel med bredt vareutvalg
47.920Formidlingstjenester tilknyttet detaljhandel med spesialisert vareutvalg