Results for the fourth quarter 2023

North Energy ASA recorded a comprehensive loss of NOK 21.0 million in the fourth quarter of 2023 compared to a comprehensive loss of NOK 24.3 million in the same quarter last year. The loss reported this quarter is mostly driven by decrease in the value of financial investments and operational expenses, partly offset by income from associated companies. For the full year 2023 North Energy recorded a comprehensive income of NOK 24.6 million compared to a comprehensive loss last year of NOK 13.1 million.

At the end of 2023, North Energy’s total investment portfolio had a market value NOK 405.1 million, down from NOK 409.8 million at the end last year. The portfolio consists of industrial holdings, listed financial investments and other financial investments.

Last year the Board of Directors adopted a new dividend policy, which states that “The Company intends to distribute an annual dividend that approximates 3% of year end Net Asset Value”. In accordance with the policy, the Board intends to propose a dividend of NOK 0.10 per share for 2023 which is at the same level as last year.

The report for the fourth quarter 2023 is available here.