Awilhelmsen has reported a slimmer annual profit, but the Norwegian shipping group has seen its value-adjusted equity return to pre-pandemic levels.
The company, which has investments in several maritime segments, reported a pre-tax profit of NOK 34m ($3.98m) for 2020, down from NOK 3.776bn profit a year earlier.
Operating revenue dropped to NOK 1.133bn from NOK 1.787bn.
The company was hit hard when the Covid-19 pandemic took hold and the whole cruise fleet almost went into lay up overnight.
But chief executive Sigurd Thorvildsen told Norwegian financial newspaper Finansavisen that the company's net asset value of NOK 30bn is back to the levels it saw before Covid-19.
The value recovery is tied to its shares in New York-listed Royal Caribbean Group and investments by Awilhelmsen Capital Holdings.
Awilhelmsen is still the biggest shareholder in Royal Caribbean Cruises, the world's second largest cruiseship owner, with a 9% stake after selling a chunk of the holding earlier this month.
The diversified company is also involved in real estate and shipping. It holds a 50% stake in Awilco Eco tankers, all of Awilco Container, the largest stake in Awilco LNG and a majority holding in Awilco Drilling.
Awilhelmsen is owned by brothers Alex, Bent Christian and Peter Preben Wilhelmsen.
Meanwhile, the company reported that Thorvildsen received remuneration of NOK 66m last year, up from NOK 52m and making him one of the best paid shipping executives in Norway.
He was appointed chief executive of Awilhelmsen in 2014. Before that, he had stints at shipbroker O-J Libaek & Partners, shipowner Wind Tankers and e-commerce firm Marine Provider.
