For Q2 2023, NORDEN reports a profit of USD 108 million (approx. DKK 740 million). For the first half of 2023 net profit amounted to USD 258 million (approx. DKK 1.8 billion).
Cash flow from operating activities in Q2 amounted to USD 201 million (approx. DKK 1.4 billion). For the first half of 2023, cash flow from operating activities amounted to USD 347 million (approx. DKK 2.4 billion).
Return on equity (annualised) was 30% at the end of Q2 and was 36% for the first half of 2023.
Based on year-to-date net income of USD 258 million and high cover for the rest of the year, NORDEN narrows its guidance range to a full-year net profit of USD 360-420 million (previously USD 330–430 million).
NORDEN CEO, Jan Rindbo, comments:
“NORDEN generated USD 108 million profit for Q2 based on strong earnings in both business units. A dedicated focus on customer freight services in volatile markets ensured profitable margins across both dry cargo and tankers, despite weaker market sentiment. In addition, we have delivered high cover earnings and vessel sales gains through active management of our portfolio. NORDEN continues to generate significant cash returns to our shareholders with an interim dividend of DKK 10 per share and a share buy-back programme of USD 30 million.”
Announcement 111/2023
Interim report - second quarter 2023
