Weak property markets impacted the company’s Residential and Commercial Property Development segments. Credit: Summit Art Creations via Shutterstock.

Skanska has reported a total revenue of Skr41.88bn ($4.01bn) in the fourth quarter (Q4) of 2023, compared to Skr40.35bn in the same quarter of the previous year.

For the latest quarter ending 31 December 2023, the company’s operating income saw a decline of approximately 73% to Skr957m from Skr3.53bn in Q4 2022.

The drop has been linked to impairment charges and changes in the fair market values of Skr2bn across its Commercial Property Development, Residential Development, and Investment Properties segments.

Earnings per share (EPS) also fell to Skr2.48, compared to Skr7.28 in the corresponding quarter of the previous year.

Skanska’s profit for the quarter stood at Skr1.01bn, compared with Skr3.00bn reported in Q4 2022.

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Skanska president and CEO Anders Danielsson said: “The fourth quarter brought a strong finish to a solid year for Construction, while Residential and Commercial Property Development remained impacted by weak property markets.

“As a group, we maintain a robust financial position, take actions to adapt to the market situation and have a clear strategy for long-term value creation. The board of directors has proposed a dividend of Skr5.50 per share.”

For the full year of 2023, Skanska’s revenue totalled Skr157.05bn, compared with Skr161.60bn in 2022.

Its annual operating income stood at Skr3.23bn, as against Skr9.29bn reported in the previous year.

EPS for the full year was Skr7.89, down from Skr18.62 in 2022 while full-year order bookings amounted to Skr165.8bn compared with Skr162.7bn in 2022.