Royal Greenland delivers second best interim result ever
Royal Greenland achieves an ordinary result of DKK 96 million, the second best interim result in the company's history.
The strong half-year result is driven by the core species of shell-on prawns, cooked & peeled prawns, Greenland halibut and cod, but challenged by an unusually poor market in North America for snow crabs.
"Our core species apart from snow crab have regained momentum and are approaching pre-Covid-19 levels. This is positive and ensures us a strong result despite the significantly challenged crab market", says Mikael Thinghuus, CEO of Royal Greenland.
It is in particular the challenges in the snow crab market in North America that are expected to prevent the ordinary results before tax to reach the record level in 2021.
However, the development for the other core species gives reason to expect that the profit level from before Covid-19 is achievable.
During the Covid-19 crisis, it was in fact the other way around. Here, it was largely the crabs that sustained the company's overall earnings in a situation where the earnings of the other core species were highly outperformed.
"These fluctuations demonstrate the strength of our North Atlantic Champion strategy of multi-species, multi-stock and multi-market approach. We strive for a continual market coherence and hence market synergies between the different species in our range. We diversify risk across prawns, Greenland halibut, snow crab as well as lobster and sea cucumber with varying market demand", says Mikael Thinghuus.
The broad foundation of the strategy ensures a more stable development of results in a world economy characterized by uncertainty and enables Royal Greenland to be a persistent and loyal supporter of partners in and outside Greenland as well as in the Greenlandic community.
As communicated at the beginning of the year, CEO Mikael Thinghuus has informed the Board that he wishes to leave Royal Greenland. The recruitment process initiated by the Board is proceeding according to plan and is expected to be completed in the relatively near future. Mikael Thinghuus will leave at the end of September, after which CFO Nils Duus Kinnerup will be appointed as CEO until a permanent replacement is in place.
For further information please contact CEO Mikael Thinghuus on mobile +45 50 89 30 00