North Greenland’s Halibut Greenland in Ilulissat will invest a double-digit million amount. Among other things, the company is focusing on expanding production capacity at the company’s factory in Ilulissat.

Optimism and investment appetite are bubbling in Halibut Greenland Aps. in Ilulissat, which is owned by enterprising local fishermen.

Optimism and investment appetite

The limited liability company belongs to one of Greenland’s financially solid private fishing companies and last year made a profit of just over eight million kroner before tax.

Optimism and investment appetite are bubbling in Halibut Greenland Aps. in Ilulissat, which is owned by enterprising local fishermen.

Optimism and investment appetiteAnnouncement

The limited liability company belongs to one of Greenland’s financially solid private fishing companies and last year made a profit of just over eight million kroner before tax.

Halibut Greenland, whose main income comes from the sale of halibut, has been hit by a crisis. Growth and earnings need to be accelerated.

The company’s long-time boss, CEO Erik Sivertsen, announces investments of “a lot of money” so that Halibut Greenland can become a major player in both fishing and production.

– We will invest a double-digit million amount and are focusing on securing raw materials for our factory, among other things. We would like to expand our activities and seize the opportunities that exist for the company, says CEO Erik Sivertsen to Sermitsiaq.

According to the director, Halibut Greenland will, among other things, invest in the long-planned expansion of production capacity at the Ilulissat factory.

– We invest because we want to ensure our owners, the fishermen, a good price for their fish, he says.

However, Erik Sivertsen does not want to say how large the total investments are expected to be.

– Now we are ramping up investments. We did this most recently in 2017, when we started filleting halibut and cod. In the future, we will make more of the processing.

– We will also look for opportunities to start receiving raw materials that are currently not commercial, becoming commercial, so that our fishermen can get a better income rather than throwing fish away, says the director.

Halibut Greenland, for example, has started purchasing ray wings. That business is doing well.

In dialogue with contractors

As mentioned, the new investments will, among other things, go towards the long-planned expansion of Halibut Greenland’s factory in Ilulissat. The company has initiated a dialogue with potential contractors about the construction.

Halibut Greenland, together with two fishermen Julius Sandgreen and Arne Hansen, has also founded the company Kassoq Aps, which will transport inland halibut and rockfish roe as well as fish.

This is happening with Kassoq’s vessel, which is 112 meters long. The ship already has tasks as a transport vessel to Halibut Greenland’s factory in Ilulissat.

– The ship will be used, among other things, to transport fish from our receiving stations in Qeqertaq and Kitsissuarsuit, says Erik Sivertsen.

– How much we can fish with the ship that will deliver raw materials to our factory depends on how diligent fishermen we are, says the director.

Halibut Greenland also hopes that the Government of Greenland will allocate the company offshore quotas for halibut, cod and halibut in West Greenland.

– The whole idea of expanding the factory in Ilulissat, which has existed for 15 years, is that Halibut Greenland wants to process more of the raw materials that the fishermen sell to the company, states Sivertsen.

Halibut Greenland will, among other things, do more filleting of halibut and cod at the factory.

– We are a fairly new company. If we are to be able to compete against, for example, Royal Greenland, we need to become better at refining the raw materials before we send the products to the markets.

– We have initiated a dialogue with potential contractors who can handle the expansion of the factory, says the director.

Profit of eight million kroner

Last year, Halibut Greenland posted a profit after tax of 8.3 million kroner. The year before, the figure was 11.2 million kroner. The balance sheet in 2024 was 100 million kroner, while Halibut Greenland had equity of up to 64 million kroner.

– The 2024 result shows that we have created stable earnings for the company. This means that we now have the financial muscle to make investments to secure the company in the future, states Erik Sivertsen.

Optimism and investment appetite are bubbling in Halibut Greenland Aps. in Ilulissat, which is owned by enterprising local fishermen.

Optimism and investment appetite

The limited liability company belongs to one of Greenland’s financially solid private fishing companies and last year made a profit of just over eight million kroner before tax.

Optimism and investment appetite are bubbling in Halibut Greenland Aps. in Ilulissat, which is owned by enterprising local fishermen.

Optimism and investment appetiteAnnouncement

The limited liability company belongs to one of Greenland’s financially solid private fishing companies and last year made a profit of just over eight million kroner before tax.

Halibut Greenland, whose main income comes from the sale of halibut, has been hit by a crisis. Growth and earnings need to be accelerated.

The company’s long-time boss, CEO Erik Sivertsen, announces investments of “a lot of money” so that Halibut Greenland can become a major player in both fishing and production.

– We will invest a double-digit million amount and are focusing on securing raw materials for our factory, among other things. We would like to expand our activities and seize the opportunities that exist for the company, says CEO Erik Sivertsen to Sermitsiaq.

According to the director, Halibut Greenland will, among other things, invest in the long-planned expansion of production capacity at the Ilulissat factory.

– We invest because we want to ensure our owners, the fishermen, a good price for their fish, he says.

However, Erik Sivertsen does not want to say how large the total investments are expected to be.

– Now we are ramping up investments. We did this most recently in 2017, when we started filleting halibut and cod. In the future, we will do more with processing.

– We will also look for opportunities to start receiving raw materials that are currently not commercial, becoming commercial, so that our fishermen can get a better income rather than throwing fish away, says the director.

Halibut Greenland, for example, has started purchasing ray wings. That business is doing well.

In dialogue with contractors

As mentioned, the new investments will, among other things, go towards the long-planned expansion of Halibut Greenland’s factory in Ilulissat. The company has initiated a dialogue with potential contractors about the construction.

Halibut Greenland, together with two fishermen Julius Sandgreen and Arne Hansen, has also founded the company Kassoq Aps, which will transport inland halibut and rockfish roe as well as fish.

This is happening with Kassoq’s vessel, which is 112 meters long. The ship already has tasks as a transport vessel to Halibut Greenland’s factory in Ilulissat.

– The ship will be used, among other things, to transport fish from our receiving stations in Qeqertaq and Kitsissuarsuit, says Erik Sivertsen.

– How much we can fish with the ship that will deliver raw materials to our factory depends on how diligent fishermen we are, says the director.

Halibut Greenland also hopes that the Government of Greenland will allocate the company offshore quotas for halibut, cod and halibut in West Greenland.

– The whole idea of expanding the factory in Ilulissat, which has existed for 15 years, is that Halibut Greenland wants to process more of the raw materials that the fishermen sell to the company, states Sivertsen.

Halibut Greenland will, among other things, do more filleting of halibut and cod at the factory.

– We are a fairly new company. If we are to be able to compete against, for example, Royal Greenland, we need to become better at refining the raw materials before we send the products to the markets.

– We have initiated a dialogue with potential contractors who can handle the expansion of the factory, says the director.

Profit of eight million kroner

Last year, Halibut Greenland posted a profit after tax of 8.3 million kroner. The year before, the figure was 11.2 million kroner. The balance sheet in 2024 was 100 million kroner, while Halibut Greenland had equity of up to 64 million kroner.

– The 2024 result shows that we have created stable earnings for the company. This means that we now have the financial muscle to make investments to secure the company in the future, states Erik Sivertsen.