The latest annual accounts showed that the investment firm wholly owned by billionaire investor Christine Sveas Kistefos made a collective profit of NOK 1.4 billion before tax last year, down from NOK 1.8 billion a year earlier.
Kistefos has major proprietary interests in finance, shipping, marine and information technology. The portfolio consists, among others, of controlling ownership positions in Kredittbanken Advanzia Bank, dry freight company Western Bulk and ocean freight company Viking Supply Ships. Kistefos also owns a third of Siem Offshore and 25 percent each of Komplett Bank and Instabank.
Turnover in the group increased by NOK 3.6 billion to NOK 21.8 billion, mainly driven by higher income at Western Bulk and Advanzia Bank. The group’s operating profit ended at NOK 1.5 billion, roughly the same as the previous year.
The Group realized gains from the sale of Promon and the remaining settlement from the sale of Kappa in 2019 totaling NOK 422 million. In addition, the stock exchange portfolio made a positive earnings contribution of NOK 261 million.
However, Kistefos made a loss on investment in the bankrupt Marco Polo network, agricultural company Lumarine, and various other investments totaling NOK 700 million.
Kistefos CEO Bengt Arve Rem made a profit of NOK 11.9 million last year, according to the annual report. (conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We’d like you to share our statuses using links that lead directly to our pages. Reproduction or other use of all or part of the Content may be made only with written permission or as permitted by law. For more terms see here.
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