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NORDEN's Financial Performance in FY 2024

In a year marked by geopolitical uncertainties and stringent market conditions, NORDEN has demonstrated resilience and adaptability in its business operations. The company declared a net profit of USD 163 million for the fiscal year 2024, alongside a Net Asset Value (NAV) of DKK 425 per share, underscoring its strength in navigating a complex operating environment.

Q4 2024 Highlights

During the fourth quarter of 2024, NORDEN recorded a net profit of USD 30 million. This growth, however, was contrasted by challenges faced in the Freight Services Trading segment, which experienced a net loss of USD 74 million throughout the year. Despite this, there has been a marked improvement in the dry operator activities, with the focus on turning around operations toward profitability.

Performance of Assets Logistics

On a brighter note, NORDEN's Assets Logistics segment emerged as a standout performer, contributing a net profit of USD 236 million. The strong earnings coverage and strategic vessel sales propelled this success, affirming NORDEN's adeptness at capitalizing on favorable market conditions. With high asset prices maintaining the value of NORDEN's owned and leased fleet, the company’s NAV was rightly positioned at DKK 425 per share by year-end 2024.

Shareholder Returns

In alignment with its commitment to returning value to shareholders, NORDEN has proposed a distribution of USD 27 million through a dividend for the fourth quarter. This action elevates the total shareholder distribution for 2024 to USD 100 million, reflecting the company’s proactive strategy to reward its investors even amid a challenging market landscape.

CEO Jan Rindbo highlighted the operational complexities spurred by geopolitical instability and fluctuating supply-demand dynamics but praised the firm’s adaptability. He stated, _“Our diversified portfolio and operational excellence have empowered us to deliver commendable returns.”_

Future Outlook

Looking forward, the market forecast appears more cautious. Factors such as lower sales gains from previously signed transactions are expected to result in reduced profitability compared to 2024. For FY 2025, NORDEN anticipates a net profit ranging between USD 20-100 million, which incorporates projected gains from vessel sales worth USD 16 million.

NORDEN's dividend strategy will be executed via VP Securities based on shareholdings recorded as of March 14, 2025. Following the trading on Nasdaq Copenhagen, shareholders can expect the interim dividend to be available in their accounts by March 17, 2025.

As NORDEN continues to adapt to an evolving market landscape, its sustained financial results and proactive management strategies reinforce its position in the shipping and logistics sector.