SDK FREJA delivers record financial performance despite challenging market conditions


SDK FREJA delivers record financial performance despite challenging market conditions.

SDK FREJA reports a remarkable financial result following a year characterised by challenging market conditions. The company can report a revenue of DKK 6.6 billion, an EBIT of DKK 331 million – an increase of 25% compared to the previous year and an EBT of DKK 287 million.

The financial year 2022/23 was marked by SDK FREJA’s ability to adapt and stay customer focused in a market dominated by volatile energy prices, rising inflation and interest rates, and challenges in relation to freight and storage capacity.

In recent years, SDK FREJA has been through a major expansion of its business portfolio. Today, the company consists of three business areas: Shipping, Logistics, and Environment & Recycling.

“Each of our three business areas have impressively demonstrated adaptability and strong competitiveness in an unpredictable market. Our employees have once again proven their strong capabilities and flexibility and have further ensured that we can continue to offer customers the best solutions and services,” says Søren Gran Hansen, CEO at SDK FREJA.

Throughout the year, the Group has continued to strengthen the organisation and business platform by investing in IT and digitalisation among other initiatives, which has contributed to strengthening SDK FREJA’s position in the market.

“We are proud to deliver our best result in shipping to date. It has been a year of high activity throughout all of our segments in Agency and Stevedoring, which has required an extraordinary effort from our valuable employees,” says Lars Jespersen, CEO at SDK Shipping.


Ulrik Rasmussen, CEO at FREJA Transport & Logistics Holding adds:

“We have effectively carried out our strategy, which will make it easy and seamless to be a customer to FREJA and where we will always go above and beyond for our customers. It has paid off, and we are very pleased to be able to deliver a record performance this year. However, the primary reason for our record result can be attributed to our valuable employees, who have been exceptional in navigating an unpredictable market.”

Acquisitions remain a high priority

SDK FREJA is preparing for new times. Rising interest rates and inflation have led to less construction work and a lowering in private consumption, which has already resulted in some reduction in freight volumes. Therefore, SDK FREJA expects a normalisation of the shipping and logistics market as the world economy will grow more subdued. However, SDK FREJA still has high ambitions within M&A.

“Organic growth as well as growth through mergers and acquisitions remain strategically important to us. M&A can generate value through agile geographical expansion, achieving economies of scale, new products, and core competencies. It is therefore a cornerstone in the development of SDK FREJA to continue to be aggressive on the acquisition front and be on the lookout for new opportunities ahead,” says CEO Søren Gran Hansen.

The ongoing dedication and desire to conduct acquisitions leads to the company to proceed in evaluating potential acquisition candidates. The proactive acquisition strategy for SDK FREJA is part of an overall strategy that can be traced back to the company’s ownership, the family-owned A/S United Shipping and Trading Company (USTC).


Focus on CO2 emissions in Scope 2
In connection with the publication of the annual results, SDK FREJA will also publish its consolidated sustainability report.

“In SDK FREJA, we have determinedly worked to reduce our Scope 2 emissions figures during this year. Among other initiatives, we have invested in improving terminals and office buildings over the past year with the aim of reducing the consumption of electricity and heating,” says CEO Søren Gran Hansen.

SDK FREJA has seen a significant reduction in the consumption of energy and heating and at several of SDK FREJA’s sites, there is a reduction in energy consumption by more than 50%. This is a result of upgrading both the infrastructure and technology at its largest sites e.g., by installing BMS (Building Management Systems). For SDK FREJA’s largest terminals, the result is a reduction of carbon emissions by 25% compared to the last reporting period 2021/2022.

SDK FREJA’s financial highlights
DKKm 2022/23 2021/22 2020/21
Revenue 6,600 6,000 2,630
EBIT before special items 331 265 97
Operating margin % 8.9% 8.3% 8.5%
Total Equity 917 785 542
Conversion ratio % 22.5% 20.4% 15.4%
Employees 1,515 1,350 1,247

For further information, please contact:

Mikkel Wenzel Andreasen,
Communications Officer, USTC Group Communications.

M +45 26 79 91 63


SDK FREJA Group is a full-service shipping and logistics company. The main activities of SDK FREJA include freight forwarding within Road, Air & Sea, and Project Cargo, Logistics, as well as Stevedoring, Agency, Customs Clearing, Commercial Chartering, Liner and Cruise services and as Environment & Recycling business. The company offers specialist logistics solutions within Healthcare, Warehousing and Refrigeration and is locally based in Northern Europe including strategic positions in China and Spain.

SDK FREJA is one of the few independent and privately owned local mid-sized shipping and logistics companies. With +1,500 employees in eight countries the focus is on providing one entry point for a consistent and effective solution within the business areas.

SDK Freja Group is part of the Danish, family-owned United Shipping & Trading Company (USTC). USTC holds a portfolio of activities that include oil & energy, shipping & logistics, ship owning, risk management, car activities, IT, sustainable energy and environment & recycling, and is present in 40 countries with more than 4,300 employees.

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