Photo: FF Skagen

FF Group Achieves Third Consecutive Year of Strong Profitability, Exceeding Expectations

DENMARK
Wednesday, April 16, 2025, 00:10 (GMT + 9)

Despite Fish Oil Price Dip, DKK 102 Million (USD 14.8 Million) After-Tax Profit Demonstrates Robust Operations and Strategic Management; Scandic Pelagic Also Celebrates Significant Gains (USD 2 Million).

For the third consecutive year, the FF Group has delivered robust financial results, reporting a strong profit of DKK 102 million (approximately USD 14.8 million) after tax for 2024.

This impressive DKK 102 million (approximately USD 14.8 million) after-tax profit for the FF Skagen Group follows the previous year's record performance of DKK 217 million (approximately USD 31.5 million) after tax.

"While we anticipated a satisfactory, albeit more normalized, result for 2024, it is particularly gratifying that the realized profit doubled our initial expectations at the start of the year," commented Odd Eliasen, Chairman of the Board of Directors of the FF Group.

The management team of the FF Group expressed their satisfaction with the result and extended their sincere gratitude to all employees for their contributions throughout the year.

Johannes Palsson, CEO of the FF Group, stated, "Production across the entire group has operated seamlessly. We have successfully increased our capacity without significant capital investments through continuous process improvements, a feat we are very pleased with."

Lars Leer, CFO of the FF Group, added perspective on market dynamics:

"The fishmeal market remained stable throughout 2024, while the price of fish oil experienced a significant decline. This fall was not unexpected, considering the record high prices fish oil had previously reached. Overall, we have effectively navigated the company through the market conditions of 2024."

Scandic Pelagic Celebrates Strong Improvement

The positive news extends to Scandic Pelagic, which also has cause for celebration, reporting a profit of DKK 14 million (approximately USD 2 million) after tax in 2024 – a substantial DKK 12 million (approximately USD 1.7 million) improvement compared to the previous year.

Sales Director at FF Skagen Thomas F. Hansen

Johannes Palsson, CEO of the FF Group, further highlighted Scandic Pelagic's success: "This year, Scandic Pelagic achieved its highest sales volume of marinated products under FF Skagen's ownership, exceeding 30,000 tons."

Disclaimer: Please note that the USD conversions are approximate and based on an estimated exchange rate of 1 DKK = 0.145 USD as of April 15, 2025. For precise financial reporting, please use the official exchange rate at the time of the report.

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