Two people stands smiling with Bergen in the background - Elisabeth Grieg and Matthew Duke
News / April 25 2022

Grieg Group Annual Results 2021

Grieg Maturitas

2021 was a record year overall for the Grieg Group. Even though the pandemic still affected us throughout the year, all businesses performed very well.

Group turnover in 2021 was MNOK 7 392, operating profit (EBIT) MNOK 896, and the profit after tax and discontinued operations MNOK 1 234, versus a loss of MNOK 1107 in 2020.

“It is safe to say that when leaving 2020 behind, these results were not at all on our minds. Luckily, markets have improved, and operations are more streamlined, securing solid financial results across all companies in the Grieg Group. Thanks to our dedicated colleagues, we face a future of development and financial performance following our Group strategy”, says Elisabeth Grieg, Chair of Grieg Maturitas, and co-owner of the Grieg Group.

Two people stands smiling with Bergen in the background - Elisabeth Grieg and Matthew Duke
Elisabeth Grieg and Matthew Duke

Throughout the Grieg Group, all companies have performed very well during 2021. For some, like Grieg Shipbrokers and Grieg Investor, 2021 was their best year ever. Grieg Logistics made a zero-profit result due to scale-up in their maritime tech-company Grieg Connect. Grieg Seafood managed to turn tides and deliver above expectation with a total harvest volume of 75 601 tons (ex Shetland). Grieg Maritime Group has witnessed a tremendous increase in the international shipping market, delivering its most significant financial result in a decade.

“This has been our strongest performance for many years. We use this opportunity to strengthen our foundations, providing a solid platform for future growth and developing new business based on sustainability and innovation.” Matt Duke, CEO Grieg Maritime Group

“It is impossible to predict the future, but we know uncertainties will continue to rise worldwide. The war in Ukraine affects markets and operations and is deeply saddening. Our thoughts go to all innocent people who are and will be affected by the invasion and its consequences. On the Group financial side, 2022 is so far delivering beyond expectations. There is no doubt that some of our companies are witnessing increased income as markets are under much pressure” says Elisabeth Grieg.

Three employees at Grieg Gruppen discussing together.
People at Grieg. Photo: Ingvild Festervoll Melien.

Securing such great results gives us an even greater opportunity to contribute to the societies in which we operate. 25 percent of our dividend goes directly to Grieg Foundation, which supports projects for children and youth, music and culture, health and research, climate action, and social impact investment.

We believe our people are our most valuable resource. Their qualifications constitute a substantial part of the business capital. Keeping a diverse workforce and providing our employees with learning opportunities that promote competence aligned with their personal career goals will ensure that we always have the best hands and minds on board. Several new colleagues joined us in 2021, and with that, the Grieg Group is well-positioned for the future.

Young people celebrating

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. 1649 employees, and operating revenue of MNOK 7 329 in 2021.


About Grieg Maritime Group:

It was established as an Open Hatch shipping company in the 1960s, building, managing, and operating a fleet of high-quality multipurpose vessels. Today, Grieg Maritime Group consists of several business units covering shipowning, ship management, maritime sustainability services, and sustainable maritime innovation. 744 employees in 2020. Group equity was 288.4 million USD at the end of 2021, up from 273.5 million USD. By the end of 2021, Grieg Maritime Group had total assets of 656.2 million USD, with liquid funds of 93.8 million USD.

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