Royal Greenland — the largest fish processor in Newfoundland and Labrador, and a Crown corporation wholly owned by the Government of Greenland — has recorded its best profit ever (minus 2019 when the company sold two trawlers) for the first half of 2021 based on sales of snow crab and cold-water shrimp.
The company recorded a profit of almost $19 million US ($24 million Cdn) for the first half of the year. See the results here.
Royal Greenland’s operations in Atlantic Canada reportedly had a "major impact" on profits — particularly snow crab, which recorded record prices during the pandemic.
Prices for both cooked and peeled shrimp — which haven’t been near as good as crab and lobster — are improving in both terms of sales and prices.
In a deal recommended last year by the province's fish processing licensing board and approved by the provincial Fisheries department, Royal Greenland took controlling interests in Quinlan Brothers fish plants in Old Perlican, Bay de Verde, and Baie Verte.
Royal Greenland subsidiary Quin-Sea Fisheries took over valuable crab, shrimp and other processing licences owned by Quinlan Brothers.
Royal Greenland also took a controlling interest in St. Anthony Seafoods in a partnership with Clearwater Seafoods.
In its recommendations to government, the licensing board said it had concerns about the issue of foreign investment in the fishing industry in light of Royal Greenland's takeover, but noted the issue was outside its jurisdiction.
"It raises the possibilities of key decisions affecting our industry and fishing communities here in Newfoundland and Labrador being made in another country," the board said in a statement. "The level of investment is getting to be significant."
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