JB Ugland Group has reported strong annual results for 2018. But shipping, which was once key to the Ugland family's business activities, now plays a minor role in the company's results.
Parent outfit JB Ugland Holding increased its pre-tax profits sharply in 2018 to NOK 319m ($36.9m), from NOK 247m ($29m) a year before.
Operating revenues for the Grimstad-based privately owned company totalled NOK 847m, down from NOK 850m.
At the end of last year, the book equity stood at NOK 1.08bn, while shareholders were paid NOK 225m in dividends.
The company, whose managing director is Johan Martin Ugland, has invested in a portfolio of outfits that include real estate and investments in renewable energy.
But the board, chaired by owner Johan B Ugland, said the group has faith in its car carrier business.
JB Ugland owns five car carriers between 950 ceu and 2,050 ceu, in addition to a partly owned carrier. Last year, the group added the 2,000-ceu Autostar (built 2000) to its fleet for an undisclosed price.
The fleet is fixed out on bareboat charters to operators such as K Line and United European Car Carriers.
The chairman is a third-generation shipowner, the eldest son of the late Andreas KL Ugland, whose father Johan Milmar established Uglands Rederi in 1930.
JB Ugland sold its shipping activities at the peak of the market in January 2008 to India’s Siva Group for $300m, but made a comeback in 2013.
Johan Martin Ugland has said that the firm has ambitions of building the shipping activity further.
The Ugland family has long tradition in car carriers. In 2000, it sold its 50% stake in major car carrier outfit HUAL to partner Leif Hoegh & Co.
