In 2020, the Covid-19 pandemic had severe impacts on several of our markets and presented significant challenges to our operations.
Group turnover in 2020 was MNOK 6 765, operating profit (EBIT) MNOK -555, and the loss before tax MNOK 878 vs. profit before tax of MNOK 1 025 in 2019.
The negative results are mainly related to Grieg Maritime Group’s fleet-value write-down, weak markets due to the Covid-19 pandemic in Grieg Seafood, and re-organizing in Grieg Shipbrokers. Grieg Logistics continued its development of its tech-company Grieg Connect. Grieg Investor made 2020 their best year ever, delivering a result of MNOK 28 before tax, and for the first time, in April 2021 they reached a consulting portfolio of NOK 100 Billion.
“Covid-19 influenced all parts of our organization. Besides challenging seafood and shipping markets, we had to handle the ongoing crew change crisis following the pandemic. 2020 was unlike what any of us expected, and financially, 2020 will end as an abnormal year”, says Elisabeth Grieg, Chair of the board at Grieg Groups owner company, Grieg Maturitas.
The Grieg Group’s results are mainly related to challenging markets in Grieg Seafood and fleet write down in Grieg Maritime Group.
“The value of our Open Hatch fleet has been a discussion point internally for some years. We purchased parts of the fleet at a very high price point in the shipping cycle. We have decided to normalize these values in our books. For our annual accounts, this means a write-down of 83,3 MUSD. We find it prudent to mention that this paper write-down does not affect our group liquidity, nor does it impact our financial obligations”, says Matthew Duke, CEO Grieg Maritime Group.
In the first months of 2021, we are delighted to see a significant market improvement, and in that regard, we expect a significantly improved and positive result for 2021.
“Stabilizing markets in both shipping and seafood have provided us with a more favorable entry to 2021 compared to the end of 2020. Aligned with the continuous development in our innovative business segments and projects, we genuinely believe that 2021 will bring us better opportunities and financial results than the last”, says Elisabeth Grieg.
About the Grieg Group:
It was established in 1884 by Joachim Grieg in Bergen, Norway. Today, the Grieg Group is owned and led by 4th and 5th generation Grieg and consists of several companies worldwide. Operates within seafood, shipping, shipbroking, maritime innovation, logistics, and investment services. 1710 employees.
Communications Manager, Grieg Group, Marte Leirvåg:
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