Privately owned Norwegian conglomerate Hesnes Holding logged a pre-tax profit of NOK 44m ($5.23m) last year compared with a NOK 39m in 2016.
Revenue increased from NOK 273m to NOK 275m.
“The financial performance has been satisfactory, taken into account the challenging market situation of the group’s core businesses,” the board states in its annual report.
The Odd Gleditsch-led company says that its core businesses are cyclical and their future prospects depend on market trends.
The company adds that it is seeking to reduce risks through the use of long-term contracts.
Book equity stood at NOK 489m at the end of 2017.
Shareholder dividends
The company paid NOK 15m in dividends to its shareholders — 70-year-old Paal Smith-Kielland and his two daughters, Kaja and Ida, who sit on the board of the holding company.
Gleditsch, who is also chairman of marine paint company Jotun, took over as chairman from Paal Smith-Kielland last year.
Also on the board is Klaveness Marine chief executive Jon Christian Syvertsen.
Hesnes is a shipbroker and owner involved in the car carrier, LPG trade and open-hatch bulker segments.
It owns three ships in the Saga Welco pool, which operates 54 open-hatch vessels. Hesnes has a 5% stake, with a book value of NOK 38m, in car carrier owner Gram Car Carriers Holdings Pte Ltd.
The company also has investments in private jets, helicopters, bunker trading and real estate.
It reported $550m in annual turnover from activities carried out for associated parties.
