Press release on Annual Report for A/S Global Risk Management Ltd. Fondsmæglerselskab (investment firm)
Another great financial year for Global Risk Management
Global Risk Management, international provider of fuel price risk management, delivers another great result according to the Annual Report which has just been published. The financial year of the company is 1 Maj to 30 April and the Annual Report was approved at the Annual General Meeting on the 27 June. In the financial year 2017/18 the gross profit was 11,6 mio. USD for A/S Global Risk Management Ltd. Fondsmaeglerselskab. For the Global Risk Management Group in total, the gross profit was 20.06 mio. USD and earnings before tax was 10.17 mio. USD.
” This financial year has been busy, but immensely exiting”, says Managing Director Hans Erik Christensen, and continues:” The largest single event for the company took place in the middle of the financial year where we obtained license to become investment firm by the Danish Financial Supervisory Authority. It has been a target for the company for a couple of years and it has taken blood, sweat and lots of work to reach it, so we are very grateful and proud of having reached this target. To use a metaphor, you can say that the house is complete and now we are ready to use it. We have furnished it with the right employees, a new, highly competent Board of Directors, the relevant approvals and investment firm license. At the same time, we have worked with strategic goals which are currently being implemented. The financial result is almost in line with last year’s result even though the market has been characterised by lower oil price volatility and large fluctuations in currency exchange rates. The company primarily has expenses in Danish kroner while the company’s products are traditionally traded in USD. The latest year has resulted in some additional costs for preparation of the new investment firm status and the costs have become somewhat more elevated due to the drop in USD over the year”.
The new status as investment firm has entailed some organisational and accounting changes for the company which in January this year was split into two: a holding company and the new, regulated investment firm. The changes also take place in order for the company to comply with the new European investor protection rules (MiFID II) which took effect from 3 January 2018, but also to pave the way for development of new business areas. The new company, based in Singapore, Global Risk Management Ltd. Pte. has also obtained satisfactory results and as an independent company in Asia there are many additional business opportunities which the company will uncover over the years to come.
Chairman of the Board of Directors, Keld Rosenbaek Demant, comments on the financial results of the company:” As Chairman of the Board it has been impressive to follow the huge efforts that everyone in the company has put into the new organisation along with obtaining the investment firm license and at the same time the company has managed to maintain the level of last year’s record result”.