Selfinvest, the holding company of Denmark’s Ostergaard-Nielsen family, has emerged from a pandemic-hit year with its best-ever profit figures.
The private firm, which owns the United Shipping & Trading (USTC) bunker and tanker group, said pre-tax earnings in the 12 months to 30 April were a record DKK 1.22bn-plus ($173m), up DKK 621m from the previous year.
Revenue was 81% higher at DKK 120bn, while net profit jumped to DKK 986m from DKK 494m.
The performance was largely driven by solid investment activities at Selfinvest and a strong performance by USTC’s Bunker Holding, logistics arm SDK Freja and wood pellet company CM Biomass.
The group described the period as “challenging”, marked by the after-effects of the global pandemic, a rise in energy prices and disrupted value chains.
“We are very proud of the result that we can present for the 2021/22 fiscal year,” said Selfinvest co-owner Torben Ostergaard-Nielsen, who chairs USTC.
“Our growth strategy has yet again proven very successful. I am particularly pleased by how all our internal and external stakeholders have supported us through a difficult year,” he added.
Selfinvest made direct investments in growth companies, property and private equity funds, as well as equities and bonds.
Return on invested capital was 19%.
“Following the tragic events of the invasion of Ukraine by Russia, USTC entities have also closed several offices and terminated business and operations with and in Russia,” the group said.
Tankers under pressure
In a hard-pressed tanker market defined by very low rates, the Uni-Tankers division delivered an increase in revenue of more than DKK 200m to DKK 1.46bn.
The fleet is one of the youngest in its core market and comprises more than 40 owned and chartered modern product and chemical tankers.
The pre-tax loss was DKK 33m.
“Uni-Tankers finished the year very strongly, with the last three months delivering positive net income. The outlook for the current fiscal year is very positive.”
Bunker Holding enjoyed its second-best year on record.
Volumes and profit rise
Volumes grew by 3%, with profit up by half at DKK 664m.
USTC also operates IT and car dealership subsidiaries.
“We are very experienced in adapting to new market circumstances as they arise, even during challenging times,” said the USTC chairman.
“Our ability to make quick and agile decisions at the right time has been instrumental in securing an impressive financial performance,” he added.
The current financial year has been outstanding so far, the group said.
