Arne Blystad's Songa Holding turned a weak result in 2018 into solidly profitable figures in 2019.
Gains from financial items helped pushed up profit for the holding company for Blystad's shipping, offshore and real estate empire.
An annual report shows Songa logged a net profit of nearly NOK 121m ($12.8m) in 2019, reversing a loss of NOK 361m a year earlier.
That came on the back of a NOK 397m improvement in net financial items, primarily helped by value adjustments in the companies financial instruments, the report shows.
Overall, company revenue jumped to NOK 928m from NOK 755m in 2018.
Operating expenses grew to NOK 809m, from NOK 716m a year earlier.
Shipping also contributed to the improved figures.
In August, Songa sold the 17,600-dwt tanker Songa Emerald (built 2009) for an undisclosed price, to an unknown buyer.
The annual report for 2019 shows that the company logged a NOK 28m profit on the sale.
Among its shipping holdings, Songa controls 15 wholly and partly owned product, chemical and crude tankers.
In addition to tankers, Blystad also has a 66.7% stake in Offshore Heavy Transport (OHT). This company owns five semi-submersible heavylift vessels and has a wind farm foundation carrier under construction. This vessel will work for Equinor on the Dogger Bank upon delivery in 2021.
Arne Blystad owns 50% of the shares in Songa, and his wife, Marianne Heien Blystad, the other 50%. The couple has three daughters and one of them, Julie Blystad, works in the group.
Eric Martin contributed to this article.
