Annual Report 2021

2021 was a strong year for Arendals Fossekompani. We continued to build a futurecompliant, high value portfolio - creating meaningfull ripples.

AFK AR21 Cover2 scaled

Selected highlights from 2021 or read the full report here.


  • In 2021 the operating profit amounted to NOK 450 million, profit before tax was NOK 332 million, and we reported an ordinary profit after tax of NOK 126 million.

  • Market cap improved during 2021. The AFK share price on 31 Desember 2020 was NOK 180 and on 31 December 2021 NOK 441, an increase of 145%. Including dividend, shareholder value increased by 166% in 2021.

  • 11,6 % of market cap was paid as dividend. In addition to quarterly dividends totalling NOK 3.15 per share, AFK paid extraordinary dividend totalling a value of NOK 33.93 per share. Total dividend is equivalent to 11.6% of the volume-weighted average share price in 2021.

  • Nmber of shareholdes doubled. Arendal Fossekompani had 2,659 shareholders at year-end 2020. A year later, the number of shareholders was 5,289.

The AFK group of companies continued its solid operational performance, delivering one of the best annual results in the group’s 126-year-old history.

  • Volues operating revenues for the full year surpassed NOK 1 billion for the first time. In may, Volue was uplisted to Oslo Børs.

  • Tekna increased annual order intake by 46 % year-on-year. In Februar Tekna was listed at Euronext Growth. An uplisting to Oslo Børs is Scheduled for 2022.

  • EFD Induction reported solid top-line growth, and operating profits for all quarters of 2021.

  • NSSLGlobal reported strong sales and operating profit in 2021.

  • Alytic acquired a majority stake in the companies Utel Systems and Greenfact during 2021.

  • As a result of record-high electricity prices in the Nordics, AFK Hydropower contributed with substantial revenues and operating profit in 2021. The average spot price in the NO2 price area was EUR 762/MWh, lifting revenues from AFK Hydropower to NOK 382 million and operating profit in AFK Parent Company to NOK 236 million.


  • CO2 emissions reduced by 98%. As part of a strategic move to exit all fossil fuel positions, Arendal Fossekompani sold Cogen Energia. As a result, we reduced our CO2 emmissions by 98%.

  • We announced new climate targets aligned with the Paris Agreement, with goals of reducing scope 1 and 2 emissions by 50% in 2030.

  • We have built new renewable and technology positions including joint ventures with Ferd within offshore wind, and with Grieg Group within ammonia.

  • Arendals Fossekompani has a pronounced focus on gender equality and achieved a share of 30% women in our boards. Our goal is to have at least 40% women on in boards, in C-suite positions and in the total workforce.

Read more about how we future-proof our companies in the full Annual Report 2021 here.

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