Enhanced Production Results for Nutaaq® Cod

Royal Greenland continues to thrive, with increasing revenues and profits, despite the challenges faced in shipping and the negative impact of Brexit on the pound sterling. The sales of their main products remain robust. In the first half of 2017, the revenue of Royal Greenland increased by 9%, rising from DKK 2.4 billion in 2016 to DKK 2.6 billion in 2017. The profit before tax also improved, moving from a loss of DKK 7 million in the first half of 2016 to a profit of DKK 32 million in the same period in 2017. The net profit for the first half of 2017 was DKK 1 million, a significant improvement from a loss of DKK 12 million the previous year. The company's interest-bearing debt decreased by DKK 23 million, matching the previous year's level. The first two payments for the investment in two new trawlers have been made. The company's equity stands at DKK 1.3 billion, with an equity ratio of 31.8%. The increase in profit is largely attributed to the company's main products, shell on prawns and snow crab. However, sales of prawns in brine, lumpfish roe, and smoked products are also on the rise. The strong markets in Asia and North America, along with high sales in Scandinavia, have positively influenced the results. Despite operational issues at Royal Arctic Line affecting the land-based Greenland halibut products, the trawler-produced products have made up for the shortfall. The company's core business of cooked and peeled prawns has been affected by falling sales prices, particularly for smaller sizes. The recent decline in the pound sterling has negatively impacted the interim financial results by DKK 18 million. Sales of white fish, primarily Greenland cod, have decreased by 5% compared to the previous year, due to delayed shipping. The profit before tax for the full year is expected to match that of FY 2016, despite significant falls in several of the main currencies in which Royal Greenland trades its products, including the pound sterling, the Japanese yen, and the US dollar, compared to the Danish krone and the euro. For more information, please reach out to Mikael Thinghuus, CEO, at +45 5089 3000 (mobile). Download the full interim report for 2016-17. Interim Report 2017 Share LinkedIn Pinterest Facebook Send By Email