Royal Greenland’s annual report for 2019 approved by the general assembly
Royal Greenland’s annual report for 2019 was approved by the general assembly on May 13th. The company presents a record profit before tax of DKK 404 million for 2019. The profit is augmented by the sale of the two trawlers Sisimiut and Qaqqatsiaq, which gave proceeds of DKK 141 million, but also reflects an ordinary operating profit that is the best in the history of Royal Greenland.
In total, turnover increased by 3%. Core activities continued to develop positively and, in line with the strategy, constitute an ever-increasing share of Royal Greenland’s turnover. The core North Atlantic Champion species, including cold-water shrimp, Greenland turbot, Atlantic cod, lobster, lumpfish roe and snow crabs currently account for 77% of turnover compared to just 41% six years ago. Supporting activities include pelagic fishing and the flatfish range exist to support the core business.
The outlook for 2020 was for a continued positive development in fisheries and sales of our products, but Covid-19 has presented a significant global sales challenge, particularly for the foodservice and industrial segments. The result for 2020 is expected to be affected negatively to a very considerable extent, although this cannot be quantified at the present time.
Based on the very positive results of 2019 and the previous years, Royal Greenland is in the best possible shape to endure the current crisis. Despite the sales decline in some markets, the strategy being pursued is to maintain workplaces and support the fishermen who supply to the factories in Greenland and Atlantic Canada.