MFT Energy generated impressive growth rates in 2021 and achieved an EBIT of EUR 65.4m (DKK 487m). Hitting the five-year mark, the company is making strong strategic progress and continues to accelerate. At the same time, the company strengthens the organization with a new professional Board with experienced executive Eivind Kolding as Chairman.
MFT Energy is progressing on its strategic journey and backed by significant growth rates, the company announces a record-high performance in 2021.
- Gross profit 2021: EUR 83.7m (DKK 623m) – equal to a 524% year-on-year increase over 2020
- EBIT 2021: EUR 65.4m (DKK 487m) – equal to a 737% year-on-year increase over 2020
The company’s strong performance is secured by an increase in the business of power and gas, expansion of existing and new markets, and a stable platform prepared for an increase in the intake of green energy sources.
In 2020, MFT Energy developed its business to include gas which along with other growth drivers such as expansions in existing and new markets in Europe, Asia, and the United States, contributed significantly to the 2021 financial result.
Strong Board Profiles
While continuing to further develop its platform and business, MFT Energy now strengthens the organization with a new Board.
Eivind Kolding, former executive at Maersk Line, Danske Bank, and Novo Holdings is appointed new Chairman of the Board. Lasse Pilgaard, CFO at MTG (Modern Times Group) and former CFO at TDC joins as Board Member along with Heidi Frederikke Sigdal, media advisor, journalist, and communication consultant. Simon Rathjen, founder of MFT Energy and former Chairman, will continue as Deputy Chair to the Board
”Our new Board will contribute with solid competences within finance, risk management, initial public offering, communication, and board work per se and help secure good corporate governance. At Board level, we now have a strong structure made up of qualified members which will strengthen our company further. Implementing a professional Board is aligned with our strategy and will lift MFT Energy as a business and contribute positively to the company’s journey, “says Torben Nordal Clausen.
From left: Eivind Kolding, Lasse Pilgaard and Heidi Frederikke Sigdal
2022 Expectations – Larger Role as Facilitator of Green Energy
Torben Nordal Clausen expects that the volatility of the energy markets will remain high due to the invasion of Ukraine. However, MFT Energy is well prepared for the situation which takes the company and the industry in a new and decisive role.
“The current geopolitical tensions in Eastern Europe, leave everyone in a new and challenging situation. However, also a situation in which we can expect the speed of implementing green energy sources to take off. With this, we are assuming a larger role as facilitator of green energy which is more volatile than energy from traditional fossil sources, and consequently, the need to move energy will increase. This is what our business is all about – we move energy from markets with a surplus to markets with energy shortage. I see this trend persist and expand in the future,” says Torben Nordal Clausen.
During the first half of 2022, MFT Energy has welcomed new employees, partners, and expanded into new markets, and expects an above EBIT of EUR 135m (DKK 1b).
Read the MFT Energy annual report 2021 here