Samherji unveils £103m profits

SAMHERJI, Iceland’s largest fishing and fish processing company, has unveiled pre-tax profits of 14.4 billion kroners (£103 million) for last year. The figure is slightly up on the previous year.
Samherji has been investing heavily during the past few months, buying up a large UK fish distributor and a stake in the shipping company and fish carrier Eimskip.
It also has extensive interests in Europe and the UK, including a processing factory in Grimsby.
The combined income of Samherji’s subsidiaries and affiliates amounted to ISK 77 billion (£551 million), compared to ISK 84.8 billion (just over £600 million) in 2016.
CEO Már Baldvinsson said the company returned a ‘good performance’. He also reminded the government that Samherji is a major contributor to Iceland’s public purse, paying more than ISK five billion (£35 million) last year.
The business has undergone considerable internal restructuring over the past 12 months, along with major investment in infrastructure.
This includes modernising its processing facilities in Iceland and building technologically advanced new fishing vessels for its Icelandic and German deep sea fishing operations. The fleet renewal programme, Baldvinsson added, would continue.
Although it will not show up until the next set of annual accounts, in July Samherji bought the county Durham based business of Collin Seafood, a major supplier to fish and chip shops which, the company said, would strengthen its position in the important UK cod and haddock market.
Baldvinsson said: ‘In an increasingly competitive world, it is important to have strong sales and marketing activities, both at home and abroad.’