VIKING net profit of 131 million kroner
The turnover of nearly 2.6 billion DKK represents a decline of 185 million DKK year over year, yet it is still the second highest figure ever recorded by the company. Profit before tax of 168.9 million DKK is also lower than the record result in 2019.
“We made great efforts to prepare and to understand how Covid-19 would impact our business. The extreme fluctuations in demand have greatly impacted our production and service apparatus, but our strong global structure with a worldwide presence has enabled us to service customers despite the far-reaching restrictions. We have demonstrated our ability to adapt. Dedicated employees throughout our organization deserve the highest praise for successfully maintaining and expanding our market position,” says Henrik Uhd Christensen, CEO, VIKING Life-Saving Equipment.
The service area is seeing increasing demand for fixed price agreements in the rental and service of liferafts, as well as in Life Boat Service (LBS) and Marine Fire Service (MFS). VIKING acquired the Norwegian lifeboat manufacturer Norsafe in the autumn of 2018, followed in 2019 by the purchase of Rotterdam-based Drew Marine FSR and its global service network for fire-fighting equipment.
VIKING expects business activity this year at levels similar to 2020 and with a higher profit.
“With the uncertainty about what framework Covid-19 will offer us, we are off to a good start in 2021. The continued integration of the companies we have acquired in recent years, combined with an organizational adjustment, has resulted in a well-functioning foundation for future business development. The process has been complicated by the limitations on our ability to meet, but we have managed to make things work”, says Henrik Uhd Christensen-
Headquartered in Esbjerg, Denmark, VIKING products are manufactured in Denmark, Norway, Bulgaria, Greece, China and Thailand.
The declining demand for maritime safety equipment has had unfortunate consequences for a significant number of employees at VIKING’s factories, especially in Asia.
Source: VIKING Life-Saving Equipment