For the fifth year in a row, Royal Greenland has reported an increase in annual profits generated from sales of wild-caught North Atlantic seafood. The 2014/15 fiscal year results figure was up by DKK 60 million (about $8.7 million), with net profits after taxes amounting to approximately DKK 113 million and equity of DKK 1.3 billion. The positive performance was largely attributed to higher market prices fetched for coldwater prawns, which are largely distributed in frozen form.
The company’s capital and reserves rose to DKK 1,264 million, while the equity ratio remains at 33%. Dividends totaling DKK 57 million, corresponding to 50% of the net profit for the year, have been allocated to shareholders.
“We are very satisfied with the result, which was achieved in spite of difficult weather conditions,” said Royal Greenland CEO Mikael Thinghuus. “The winter was long and harsh, which particularly affected first sales and production of Greenland halibut in northern Greenland. It was not possible for us to empty all of our coldstores in time to sell the fish before the end of the financial year, which affected both our customers, who could have benefited from the fish, and our result, which would otherwise have been at an even higher level.”
On average, Royal Greenland employed 2,156 persons in 2014/15, an increase of 13% over the previous year. Due to heightened activity and the acquisition of Upernavik Seafood A/S, staff numbers in Greenland have risen by 23% to an average of 1,202 employees, distributed between the company headquarters in Nuuk and 37 land- based factories and first sales facilities, as well as factory trawlers and smaller vessels. Over the past four years, personnel in Greenland have increased by 50%, or more than 400 employees.
