After losing a lawsuit in 2023, Katuaq has worked to turn the economy around. They have now succeeded, which is why they are looking ahead to new expansions.
After two financially challenging years Den Erhvervsdrivende Fond Katuaq has succeeded in reversing the trend. The annual accounts for 2025 show a profit of four million kroner.
Katuaq writes this in a press release.
Katuaq’s financial challenges began in 2023 after a lost court case, which resulted in significant additional expenses and large deficits in both 2023 and 2024. Therefore, 2025 has been characterized by targeted financial recovery, tight budget management and savings across the organization.
All departments have contributed to the recovery. Among other things, service trips and course activities have been reduced so that resources could be prioritized for the cultural center’s core tasks.
The restoration has also been supported by extraordinary grants from Naalakkersuisut and Kommuneqarfik Sermersooq of two million kroner each.
– We have re-established equity much faster than the deadline the Danish Business Authority gave us, and at the same time maintained a high level of activity. It shows what can be done when employees, management, the board and our partners work towards a common goal, says board chairman Juaaka Lyberth.
Expansion with Greenland’s National Theatre
Precisely the joint effort has been important for the result, says director Ivaaq Kriegel.
– 2025 has been a demanding year, but the entire organization has pulled together. I would like to thank all employees and the board for their great commitment and responsibility. Their efforts have been decisive for Katuaq today standing with a healthy economy and a strong foundation for the future.
The board and the foundation’s founders want Katuaq to develop in step with society, as it has done since its construction in 1997.
At the annual meeting, it was decided to initiate the work of the ad hoc committee, which the founders, grant givers and Katuaq’s board agreed to set up at last year’s annual meeting.
Now that the commission has been approved, the committee can begin work on preparing proposals for a possible expansion of Katuaq, including a solution that can accommodate Greenland’s National Theatre. The committee is expected to submit its report and recommendations by the end of 2026.
