Sigrid doubled last year’s E24

Sigrid Raabe has been one of the most popular artists in Norway in recent years. With concerts both inside and outside of Norway, the artist is also increasing financial results at a rapid rate.

In 2019, Sigrid’s annual earnings ended at NOK 5.06 million, more than double the NOK 2.27 million the previous year.

This is demonstrated by the latest annual accounts of the Sala Music company. Raabe, who will turn 24 next Saturday, owns 100 percent of the company.

At the same time, last year’s sales revenue ended at NOK 30.4 million, up from NOK 16.2 million the year before. Operating profit ended at NOK 7.9 million, representing an increase of NOK 3.6 million in 2018.

The result came after a hectic fall where around 40 concerts were organized after the summer.

Does not take dividends

After Sigrid withdrew NOK 2.9 million in dividends from the company in 2018, there was an abrupt halt last year. The company does not obtain a crown in dividends, nor does it transfer all of the profits of more than five million crowns to the share capital.

Therefore, the total share capital of the company was around NOK 5.2 million at the end of the year.

Although no dividend was paid from the result, Raabe did not run out of income in 2019. Raabe, who is the CEO and chairman of the board, was paid NOK 653,000 in salary.

The company also has an employee who has been paid just over a million crowns.

Waiting for profit in the crown year

The world’s cultural workers have been hit hard by the pandemic the world is in. Restrictions on the number of people who can meet, distance rules and other restrictions have made things difficult for artists who make a living gathering people in a small area.

This is also the case for Sigrid. The company writes in the annual accounts that it “realizes and hopes to notice” the corona pandemic in the accounts for the current year.

“This is mainly due to the cancellation and postponement of concerts and other events. This is expected to have a negative effect on sales and results in 2020, and the extent of this reduction will depend on how quickly the partnership opens for the implementation of concerts, ”the company writes.

However, the company has limited fixed costs, which means that it expects to make a profit even if concerts are not possible this year.

E24 has contacted Sigrid’s manager, Geir Luedy at Made Management, who in an SMS describes last year’s result as “a good result to enter these times.”

– Otherwise, we have planned investments, which today, of course, we are not sure that we can start, writes the manager, who states that they have no further comment on the result.