Kangamiut profit rockets in 'extremely satisfactory' year

Company's parent also showed strong profit and revenue growth.

Danish fish and seafood supplier Kangamiut Seafood boosted its profit 42.6 percent in the financial year of 2016 due to increasing prices and sales expansion in new markets.

The group reported a net profit of DKK 28.1 million (€3.8 million/$4.1 million), which was up from the DKK 19.7 million (€2.6 million/$2.9 million) reported a year earlier.

Operating profit jumped 86 percent year-on-year from DKK 15.2 million (€2 million/$2.2 million) to DKK 28.2 million (€3.8 million/$4.1 million).

Revenue grew nearly 20 percent from DKK 1 billion (€134.4 million/$147 million) reported in 2015 to DKK 1.2 billion (€161.3 million/$176.4 million) in the last financial year ended Dec. 31.

Kangamiut's management described the result as "extremely satisfactory."

The increase in revenue was due to increasing prices of the company's main activities and sale in new markets, it said.

One focus was on developing existing markets better and on new business development, which proved to be a "success," it said.

Kangamiut continues to expand its operations in Europe, Africa, Canada, the United States, Russia and the Far East.

Management expects activity in the current financial year to be at the same level of last year.

The balance sheet showed an equity of DKK 63.2 million (€8.5 million/$9.3 million).

Parent reports strong year

Kangamiut Holding, the parent company of Kangamiut Seafood, as well as Alimex Seafood, SN Seafood and KS Group, also boosted its profit year-on-year.

Net profit jumped 54.7 percent from DKK 41.8 million (€5.6 million/$6.1 million) to DKK 64.7 million (€8.7 million/$9.5 million), while operating profit grew 46.1 percent from DKK 29.9 million (€4 million/$4.4 million) to DKK 43.7 million (€5.9 million/$6.4 million).

Overall group revenues amounted to DKK 2.1 billion (€282.2 million/$308.6 million), which was up 16.6 percent from the DKK 1.8 billion (€241.9 million/$264.5 million) reported in the previous year.

The holding's balance sheet showed an equity of DKK 287.2 million (€38.6 million/$42.2 million).

Kangamiut Holding also has stakes in Grismby-based Northcoast Seafoods, China-based Qingdao Beiyang Jiamei Seafood, Iceland-based G&K Seafood, Greenland-based Uummannaq Seafood and France-based Freshpack Holding.

The group will continue to consolidate in 2017, it said, in order to "maintain and develop the company's position."

For the current financial year it expects a revenue growth of 5 percent and a profit of DKK 40 million (€5.4 million/$5.9 million).

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