Arctic Import maintains North Atlantic growth

When it comes to supplying colonial and daily goods to merchants, restaurants, ships, and to both public and private companies in Greenland, Iceland, and the Faroe Islands, Arctic Import has once again cemented its position. Despite significant investments in 2023, the company has announced a new record-breaking financial report, surpassing its previously best performance in 2022. Sales have doubled over the last three years, with profits in 2023 reaching more than 16 million Danish kroner.

With offices in Aalborg, Nuuk, and Tórshavn, the retail company Arctic Import is exceptionally strong in the North Atlantic market for colonial and daily goods. The top line has doubled over the last three years, and despite nearly 23 percent growth from 2022 to 2023, Arctic Import has once again outdone itself with a historically good financial report.

The gross result in 2022 was 65 million kroner, while in 2023, this figure was raised to 69 million kroner, an increase of six percent. The pre-tax result in the newly published 2023 financial report was 16.4 million kroner, compared to 16.1 million kroner in 2022.

- Given the results of this year and the solid performance over the past few years, Arctic Import is in a stronger financial position and prepared to undertake larger investments in the North Atlantic. These efforts will support the development of the region and enhance Arctic Import's market position in the long run,states Rikke Larsen, CFO of Arctic Import

In 2023, Arctic Import made significant investments that will further strengthen its North Atlantic position. In April 2023, Arctic Import acquired Nuuk-based Konpap Greenland, which holds a large portion of the market for furniture and interiors for private and public companies in Greenland. This acquisition not only brought new talent and expertise to Arctic Import but also added a significant revenue stream, positioning the company strongly for the ongoing large-scale construction projects in Greenland. As part of future growth, the company expects to consolidate these two Greenlandic companies into a newly built headquarters, expected to be operational in early 2025. The headquarters will include both offices and storage facilities. Additionally, 2023 marked a significant shift for Arctic Import's Danish office, with a move to Ankeret in Aalborg.

Arctic Import also operates in the Faroe Islands and not least in Iceland, where the company has doubled its turnover three years in a row. In addition to a strengthened organization, especially on the sales side in all three markets, 2023 also marked a significant step towards increased digitalization and the use of artificial intelligence. Arctic Import has streamlined a wide range of administrative routines and implemented software robots in order processing and data maintenance - a technology that Arctic Import expects to continue investing in.

- We have advanced in almost all our business areas, thereby cementing Arctic Import as a very significant player in interior solutions for offices as well as colonial and daily goods in Greenland, Iceland, and the Faroe Islands. Even in a year of significant investments and the integration of Konpap Greenland into our organization, thanks to an extremely skilled staff, we have managed to maintain the bottom line and increase growth at the top. "There are no indications of a slowdown in the future, and Arctic Import is well-prepared for the anticipated growth in the years ahead, states Thomas Hjort, CEO of Arctic Import.

The company laid out an ambitious growth and strategy plan more than three years ago, which has set the course for the company in the three North Atlantic markets. This strategy has also ensured the company a distinctive position.

- We are unique in what we do, and with both acquisitions and strategic investments, we have become the one-stop shop in the North Atlantic we have always aspired to be. We have even exceeded the goals in our strategic plan faster than expected, and we are very satisfied with our current progress, comments Thomas Hjort.


For further information, please contact:
Thomas Hjort, CEO, Arctic Import, +45 40 82 91 91 / thj@arcticimport.dk
Press: Jacob Lange, Lange PR, +45 20 76 30 20 / jacob@langepr.dk