Despite a declining fuel market, the OK Group delivers a record profit of DKK 1.6 billion before tax in 2024, compared to DKK 1.1 billion the year before. This is due, among other things, to one-off effects from the acquisition of Coop Danmark and strong growth in the company's electricity and e-mobility business. OK describes the result as "satisfactory" in a press release.
The parent company OK achieved an operating profit of DKK 619 million, largely unchanged compared to 2023. At the same time, the company managed to increase its market share in a fuel market that otherwise fell by more than six percent in volume. However, this was compensated for by, among other things, 50,000 new households becoming electricity customers with OK in 2024.
- Fuel volume is falling as more electric cars become available, but we have managed to compensate by, among other things, to expand our electric and e-mobility business. A growing number of customers are buying a charging box from OK or becoming an electric customer, and we are very pleased about that, says Michael Løve, CEO of OK.
A crucial strategic and historical milestone in 2024 was OK's investment in Coop. The agreement not only secured Coop, but also the presence of OK's filling and charging stations across the country.
- We invested in Coop to help turn the tide and protect our distribution network. Coop and the Consumer Associations own approximately 300 charging locations and 500 filling stations, so we have a great interest in securing these - even though groceries lie slightly outside our traditional business areas, says Michael Løve.
Among OK's other subsidiaries, there is progress at Danoil, which delivers a positive result of DKK 135 million before tax. The energy meter company Kamstrup experienced a decline as the order level normalized after the component crisis, but delivered a satisfactory result of 247 million before tax in isolation. Kamstrup has adapted to the market and is well prepared for 2025.
In 2025, OK expects revenue of 48-52 billion DKK and a profit before tax of between 600 and 1,000 million DKK. The annual result for 2024 will trigger a distribution of 250 million DKK to the company's shareholders.
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