September 19, 2021

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The Møgster family turns a $1 billion deficit into a profit of $203 million - E24

The Møgster family turns a $1 billion deficit into a profit of $203 million – E24

The family group has had tough conditions during the pandemic, but it still has a sales figure of 23 billion in 2020, according to recent accounting figures.

Agricultural billionaire Helge Moster, along with his family and partners, took a profit of NOK 150 million from investment firm Lako last year.

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The turnover of Laco AS, which is owned by the Møgster family, has reached NOK 23.1 billion, according to recent accounting figures. This was down from 24.4 billion a year earlier.

Operating profit still ended with a total of NOK 3.7 billion.

We are satisfied with the earnings trend, given the demanding situation that portfolio companies have had to deal with through the pandemic. The pandemic has created challenging framework conditions for large parts of the value chain for most of 2020, the board led by Helge Mogster writes in the annual accounts.

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Remaining 203 million NOK

After cuts and depreciation of 1.6 billion, biomass adjustment of nearly billion, plus fiscal costs, the pre-tax score is lowered a bit.

Thus, the group makes a pre-tax profit of NOK 912 million.

If you go further in the accounts, 197 million will also go to taxes, while you will lose 512 million to the disposal of the Ministry of Finance.

The development of the market inside and outside, with its attendant large losses, in recent years underscores the complexity and risks of investing in cyclical, capital-intensive industries, the board wrote.

Thus, Laco’s annual profit was 203 million NOK in 2020.

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She owns 4 billion Norwegian kroner of shares

Laco was started by Helge Møgster, with his brother Ole Rasmus and father Alf. The company currently controls Austevoll Seafood, Lerøy Seafood and Norway Pelagic.

Our clear view is that the group has been developed through long-term strategic business development combined with an operational focus in portfolio companies, the Board of Directors wrote.

The owners of Lakko are now Helge Mogster and his four children and four brothers, as well as the widow of the late Ole Rasmus and his daughter, have significant property.

In the new year 2020, the group was listed with a capital of NOK 22.9 billion, while the company’s capital is just over NOK 10.0 billion. Helge Møgster personally owns shares worth just over 4 billion NOK, according to consolidated accounts.

Read on E24 +

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