Pactum, the holding company for Norway's Astrup family, has reported a sharp increase in profits for 2019.
Its annual report has just been made available and it shows the company logged a pre-tax profit of NOK 160m ($16m), up from NOK 94m in 2018.
The result for 2019 was better than the company had expected, as Pactum believed the results last year would be in line with the year before.
The company, which is involved in shipping, real estate and finance, also had a strong result in 2017.
Pactum reported book equity of NOK 1.97bn at the end of 2019, though its value-adjusted equity is believed to be significantly higher.
Projects limited to bareboat charters
After exiting ship operating, Pactum is only involved in bareboat projects with solid counterparties, shipowner Eivind Astrup has said.
He set up Seabulk in 1989, which grew to a fleet of 25 ships at one point. Pactum has now wound up its role as a managing owner of Seabulk.
Pactum is owned by Astrup, his wife, Vibeke, and four sons. The shareholders include son Nicolai E Astrup, who is a member of today’s Norwegian coalition government.
Astrup, 75, stepped down as the CEO of Pactum at the end of 2016.
In 2014, he set up the Eivind Astrup Foundation, which is involved in philanthropic work that is especially directed at helping children who drop out of school and supporting young people to get involved in outdoor activities.
