Nordic Seafood nails higher profit in 2022, but expects down year in 2023

Hirtshals, Denmark-based Nordic Seafood recorded a DKK 82.5 million (USD 12.2 million, EUR 11.1 million) profit in 2022, up from DKK 80.1 million (USD 11.8 million, EUR 100.7 million) in 2021, but the company said it expects a more challenging year in 2023.

The seafood trading firm, which has been owned since 2006 by Japanese conglomerate Nissui Corp, overperformed in 2022, as it expected profit in the range of DKK 60 million to DKK 65 million (USD 8.9 million to USD 9.6 million, EUR 8.1 million to EUR 8.7 million).

“Overall demand in 2022 has been at the same level as in 2021,” it said in its year-end financial results statement. “Increasing prices has secured a higher revenue and a higher operation profit, but due to higher interest rates, the group ends with a net profit just above 2021.”

Nordic Seafood said Russia’s invasion of Ukraine and the subsequent skyrocketing of energy prices, along with record-high inflation across Europe, resulted in a significant impact on the cost of the company’s …

Photo courtesy of Nordic Seafood