Karstensens Group’s companies announce a profit for 2019

The Karstensen Group of companies have finalised the accounts for 2019 and deliver a positive result of DKK 31.5 million (€4.2m) after taxes. 

Director Knud Degn Karstensen comments: “We have delivered a result that we are pleased with and is largely due to the fact that due to recent expansions with our own hull yard in Poland and KS Elektro we can offer the total package to our customers in form of both design, new construction and aftermarket service with high efficiency and know-how in the work.

In addition to the main company Karstensens Shipyard A/S, the Karstensen Group consists of the companies Danish Yacht A/S, KS Elektro A/S, Nuuk Shipyard A/S and Karstensen Shipyard Poland.

The group’s companies had revenue of just under DKK 1.3 billion (€181m) in 2019 and has achieved a total equity of approx. DKK 256 million (€35.5m) Skagen’s staff has increased in recent years, reaching 490 employees at the end of the year, compared to 461 in 2018.

In 2019, Karstensen’s Shipyard’s new building department delivered 5 new buildings to Denmark, Norway and Shetland respectively. Fewer newbuildings were delivered than expected in 2019, due to delays from external subcontractors. Going forward, hull deliveries will be better coordinated as all new buildings are built at their own hull yard in Gdynia. Karstensens Shipyard Poland is well established after production started in late 2018. 

The shipyard in Poland has delivered 4 hulls to the shipyard in Skagen during 2019, and production has been in operation for just over a year. Some resources are still being spent on streamlining production, but investing in our own hull production facilities has been crucial to future-proofing and developing shipbuilding production and companies in Skagen. Karstensen Shipyard Poland employs almost 500 employees and subcontractors.

Karsten’s Shipyard’s repair department in Skagen has had a year of good activity with some major renovation tasks and many smaller tasks. A satisfactory result has been delivered in a market that is otherwise characterized by great competition.

KS Elektro has had a high level of activity, and has delivered good results and employed 100 employees at the end of the year.

Nuuk Shipyard has had lower employment than before, but has delivered a reasonable result and, in addition, has invested in streamlining the production plant to secure the yard for the benefit of both employees and customers.

The Karstensen Group looks positive for 2020. The COVID pandemic affects both production, customers and suppliers. Therefore, a reduced turnover is expected in 2020. Despite the difficult external circumstances, there is considerable support from staff, suppliers and customers to solve the challenges as best as possible. 

The Karstensen Group’s companies try to contribute to the social economy by maintaining production and by not using COVID-19 aid packages. However, a somewhat smaller surplus for 2020 is budgeted than previously expected. The order book for the construction of 16 new fishing vessels with a total value of more than DKK 2.5 billion (€335m), and some major rebuilding contracts in the repair department provide a good basis for the future, where good activity and employment are expected in the coming year – and the years thereafter.

Source: Karstensen Group’s

Karstensen Group of companies announce profit for 2019

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