Royal Greenland will invest half a billion

- Over the upcoming ones three to five years, we will invest between DKK 500 and 600 million in land-based facilities in Greenland. Royal Greenland's board of directors has decided that.

This is what Toke Binzer, the new managing director, tells us director of the self-governing fishing group, in an exclusive interview with Sermitsiaq.

- Over the upcoming ones three to five years, we will invest between DKK 500 and 600 million in land-based facilities in Greenland. Royal Greenland's board of directors has decided that.

This is what Toke Binzer, the new managing director, tells us director of the self-governing fishing group, in an exclusive interview with Sermitsiaq.

Toke Binzer and his predecessor, Preben Sunke, presented the historically large investment plan that will strengthen Royal Greenland, for the board just before Christmas.

With the board's approval, the investment plan fell through space, so it must be described as good news for Royal Greenland and for Greenland.

Many of Royal Greenland's 38 factories and Procurement facilities in cities and towns in Greenland have for a number of years needed to be modernized.

- We have made a plan for how we do it, says Toke Binzer.

The group's factories and procurement facilities in Greenland are excluded to exaggerate it both very old and run down. In a nicer word, they are outdated. But the new investment plan needs to be cleaned up and invested massively in order to make production more efficient, believes the CEO.

Needs a loving hand

- We can see that Royal Greenland's land-based infrastructure in many places needs a loving hand, states Toke Binzer.

Over the past few years, the fishing group has with a gigantic investment program spent 2.5 billion kroner in the construction of a handful of new efficient and super modern trawlers.

With the large investment program for the land-based facility in Greenland, the self-government's crown jewel has begun to upgrade significantly.

An efficient and modern production apparatus must streamline Royal Greenland's activities on land.

Investing 20 million DKK in Sisimiut

According to Toke, Royal Greenland is thus planning this year Binzer to invest approximately DKK 20 million in so-called maturation tanks for shrimp at the company's large shrimp factory in Sisimiut.

In the tanks, the shrimp must be prepared to be peeled and cooked.

The company is in the process of preparing the tender material The Sisimiut development.

- The maturing tanks can give us a bigger profit on the shrimp, which is one of ours core businesses we make good money on, explains Toke Binzer.

Attu and Sarfannguit

Royal Greenland will also be in the settlements of Attu and Sarfannguit this year in the process of investing a total of approximately DKK 30 million in new pilot projects, i.e. small plants. These are extensions and conversions in connection with existing land facilities.

Royal Greenland is building a freezing layer in both places, while the rest of the factories are the existing plants.

- We has created a concept for expanding the smaller factories according to the same model as we have used in Tasiilaq.

- The pilot projects will show how quickly, flexibly and cheaply we can build out the small places, he says.

Cod - the new gold

Toke Binzer says there are several reasons why Royal Greenland invests in land construction.

- For firstly, the land plants have a historical backlog in investments. Many in places we have dilapidated facilities that need a loving hand.

- For another, we want to make production more efficient. It is important on both of them large factories and smaller plants so that we can get the most out of it as efficiently as possible of the raw materials.

- Thirdly, we want to be able to produce more cod, since the quotas on cod is growing, and the quotas for shrimp are getting smaller, says Toke Binzer.

With soaring global prices for cod, cod has become new gold for Royal Greenland, just as halibut and prawns have been for many year.

- Therefore we have to prepare to adjust some of our production on land to the increasing quantities of cod. And production must be efficient, he says.

Binzer has moved in as CEO of Royal Greenlands headquarters in Nuuk on 1 December. He comes from a similar position in tele- and the postal company Tusass.

Binzer: - Super exciting job

The autonomously owned Tusass delivered a profit in 2024 after tax of DKK 124 million, or slightly more than the previous year.

Binzer has had something of a baptism of fire as he now stands in spearheading the implementation of the large investment program in the deficit-stricken Royal Greenland.

It is a company that has struggled with huge losses on them foreign activities, especially in Chile and Norway. 2024 was another year included blood-red figures in the accounts of Royal Greenland. Last year the group had one loss of almost DKK 200 million before tax. The 2025 accounts will be published in the spring.

Toke Binzer says about his new top job:

- Me got a super exciting job. From now on, Royal Greenland will be one more effective commercial and profitable company when we have completed investments of half a billion kroner.

- That is our responsibility as a self-governing owned company to give back to society, and I am deeply aware of that.