Ringnes family profits decline – E24

Ringnes family profits decline – E24

The investment company owned by Christian Ringnes ended with an 87 percent drop in profits. – Ringnes says he endures a few years of poor profit from time to time.

Christian Ringnes is Chairman of Ringnes Holding, but the company is primarily owned by his three children, represented here by Isabelle Ringnes.
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Christian Ringnes' investment company Ringnes Holding ended up with NOK 13 million last year.

In the previous year, the company made a pre-tax profit of NOK 108 million.

This results in a decrease in profits by up to 87 percent.

– The 2023 result was a weak result compared to previous years, Christian Ringnes tells E24.

The decline is believed to be mainly due to two things: 1) lower dividends from Victoria Eiendom after the company paid an extraordinary dividend in the previous year, and 2) a share loss of NOK 25 million.

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Christian Ringnes is one of Norway's most prominent investors. According to Capital, he is worth NOK 6.6 billion, which places him 51st among Norway's richest people.

Earlier this year, it was announced that her daughter, Isabel Ringnes, had joined the board of directors of the real estate company Eiendomsspar.

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– Withstands a few years of stagnation

The investment company's rental income rose by 22 percent compared to the previous year, but the company was affected by weaker numbers than its subsidiaries.

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– Ringnes Holding has book rights of NOK 1.4 billion and no debt, as well as significant added value on the balance sheet, so it can withstand a few years of slightly sluggish earnings from time to time, says Ringnes.

Christian Ringnes is the Chairman of the Board of Directors of Ringnes Holdings, while the company is mainly owned by his three children, Isabelle, Annette and Christian Ringnes Jr.

Skin care group profits decline

The investment company owns, among other things, a 45 percent stake in Derma Nordic, a group operating in the field of skin care and cosmetics.

The company achieved a decrease in profits by 81 percent.

The result last year ended with NOK 7 million. The previous year, the result ended at NOK 38 million.

Weak numbers of artistic investments

Villa Liz, an architect-designed listed building with a large garden and park, today run by a Montessori school, saw profits fall by 41 per cent.

Last year's score ended at 322,000, down from 544,000 the previous year.

Ringnes's exhibition of small bottles, the Mini Bottle Gallery, also gives a poor result.

Flaskegalleriet, located in Kirkegata in Oslo, finished with a score of minus NOK 1 million. In the previous year, the pre-tax result was minus NOK 737,000.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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