GlobeNewswire by notified

Festi hf.: Financial results for Q1 2024


Key findings

  • Sale of goods amounted to ISK 32,223 million, compared to ISK 29,484 million in the previous year, an increase of 9.3% between years.
  • Gross profit from sales of goods and services amounted to ISK 7,033 million, an increase of 806 million or 12.9% between years.
  • Profit Margins from sales of goods and services were 21.8% and increases by 0.7 p.p. from Q1 2023 but decreases by 1.2 p.p. from Q4 2023.
  • Salaries and other personnel expenses increase by 7.5% and full-time equivalents by 2.5%.
  • EBITDA amounted to ISK 1,898 million compared to ISK 1,401 million in Q1 2023, increase of 35.5% between years.
  • Profit for the quarter amounted to ISK 202 million, or 2.9% of margin, a turnaround of ISK 293 million YoY.
  • Net cash from operating activities was ISK 538 million or 7.6% of margin, compared to ISK 1,238 million last year.
  • Equity at the end of Q1 2024 amounted to ISK 35,140 million with an equity ratio of 36.0%.
  • EBITDA forecast for the year 2024 is raised by ISK 300 million and is now ISK 11,500 – 11,900 million.

Ásta S. Fjeldsted, CEO:

Operating results in the quarter better than expected. 

  • Commodity prices remain high like last year, as market uncertainty still remains due to the war in Ukraine and the Middle East. General wage increases in the labour market took effect during the quarter, raising wage costs by more than 5%. Inflation and interest rates remain high, affecting commodity prices and all operating costs. Great emphasis continues to be placed on reducing all operating costs through improved business processes and increased automation.
  • The company's EBITDA amounted to ISK 1,898 million (Q1 2023: ISK 1,401 million), an increase of 35.5% between years. Profit for the first quarter amounted to ISK 202 million, a turnaround of ISK 293 million between years. The outlook for the year is good, with the summer season ahead, which is the most important time of the year for the Group's operations. The EBITDA forecast for 2024 is raised by ISK 300 million to ISK 11,500-11,900 

Main projects going forward:

  • At Festi's Annual General Meeting on March 6, shareholders approved a proposal from the company's Board of Directors to implement a stock option program for all permanent employees of Festi Group. A presentation and introduction of the system for employees and an invitation to participate will take place from April 24 - 30. The results of the participation will be announced to the Stock Exchange before market opening on 2nd of May.
  • It was stated in an announcement to the stock exchange on April 15 that the Competition Authority has accepted Festi's request to start conciliation talks on possible remedies associated with Festi’s acquisition of all shares in Lyfja hf. The conciliation talks have begun, but given the current deadline, the matter would have to be finalized no later than May 21.
  • N1 and Tesla have taken the first steps in the development of fast charging stations in accordance with a framework agreement signed this quarter and will soon open the largest EV charging facility of its kind in Iceland at Flugvellir in Keflavík with 25 charging points.
  • N1 is also preparing to open six automated car washes and two self-service wash stations in the 2nd and 3rd quarters to further expand its service offerings in automotive services.
  • Krónan is expanding its home delivery services in towns throughout Iceland, from its online store, Smart Store with turnover increasing by 26% year-on-year. During the quarter, Húsavík and Westman Islands were added, but before that Krónan offered home delivery to homes in the metropolitan area, Reykjanes Peninsula, South Iceland and North Iceland. Testing has begun with deliveries in the Eastfjords of Iceland, planned to officially open in the coming weeks.
  • ELKO's new and better-located store in the arrivals hall of Keflavík Airport shows a 33% increase in sales between years in the first quarter. Ahead is the renovation of ELKO's store in Lindir in Kópavogur, which will be completed in the autumn. The store in Lindir has the second highest turnover out of 400 stores under the Elkjop brands in the Nordic countries.
  • Festi Fasteignir was rebranded as Yrkir eignir in Q1. The change will be accompanied by a greater emphasis on disclosure of the Group's real estate operations, which is reflected, among other things, in these results.
  • Yrkir eignir has received three proposals for development of N1 service station into housing at Ægisíða in Reykjavik in a competition held by the company. The proposals can be found on the company's website by end of this week.  The winning proposal will be selected in the coming weeks.
  • As stated in a stock exchange announcement from the company on April 10, Festi and Hagar have decided to start preparations for the sale of their shares in the infrastructure companies Olíudreifing ehf., EBK ehf. and EAK ehf.

All in all, the companies operations are going well. Emphasis continues to be placed on revenue growth and margin improvement, while at the same time keeping control on all operating costs. The outlook for the year is good, but the next few months are key months for the Group's operation depending on increased number of incoming tourists that we are ready to service all over the country.


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Debitormassens sammensætning (CK92)23.5.2024 11:04:24 CEST | pressemeddelelse

I medfør af kapitalmarkedsloven § 24, oplyser DLR Kredit hermed om debitormassens sammensætning (CK92) pr. torsdag den 23 maj 2024. Oplysningerne fremgår af vedhæftede fil. Denne meddelelse er offentliggjort med henblik på opfyldelse af transparensdirektivets krav om offentliggørelse. Spørgsmål kan rettes til: Head of Rating & IR Jakob Kongsgaard Olsson, tlf. 33 42 07 06. Med venlig hilsen DLR Kredit A/S Vedhæftet fil ck92-2024-05-23

Major Shareholder Announcement23.5.2024 10:56:02 CEST | Press release

In accordance with Section 30 of the Capital Markets Act, Pandora A/S hereby announces that BlackRock, Inc. has notified the company that its subsidiary, BlackRock Investment Management (UK) Limited, now controls less than 5% of the voting rights and share capital in Pandora A/S. In total, BlackRock, Inc. controls 10.66% of the voting rights and share capital in Pandora A/S. ABOUT PANDORA Pandora is the world’s largest jewellery brand. The company designs, manufactures and markets hand-finished jewellery made from high-quality materials at accessible price points. Pandora jewellery is sold in more than 100 countries through 6,700 points of sale, including more than 2,600 concept stores. Headquartered in Copenhagen, Denmark, Pandora employs 33,000 people worldwide and crafts its jewellery at three facilities in Thailand. Pandora is committed to leadership in sustainability and is sourcing recycled silver and gold for all of its jewellery, just as the company has set out to halve greenho

CORRECTION: Suominen – transfer of the company’s own shares23.5.2024 10:45:00 CEST | Press release

Correction: Correct number of shares transferred on May 16, 2024 is 25,088 and the correct number of treasury shares after the transfer is 541,672. Original release on May 21, 2024 stated incorrectly that number of shares transferred would be 25,090 and the total number of treasury shares after the transfer would be 541,670. Suominen Corporation's stock exchange release on May 23, 2024 at 11:45 a.m. (EEST) Following the decision taken at Suominen’s Annual General Meeting on April 4, 2024, Suominen has transferred 25,088 shares to the members of the Board of Directors on May 16, 2024 as part of the remuneration of the Board. According to the decision taken at the Annual General Meeting, 25% of the annual remuneration is paid in the company’s shares. After the transfer, the company holds a total of 541,672 treasury shares. The resolutions of the Annual General Meeting were communicated in a stock exchange release on April 4, 2024. SUOMINEN CORPORATION For more information, please contact

Payara Services announced tech content media and community challenge23.5.2024 10:40:00 CEST | Press release

LONDON, May 23, 2024 (GLOBE NEWSWIRE) -- The leader in application server technology, Payara Services Ltd., launched its inaugural Jakarta EE Media and Community challenge to foster innovation and knowledge-sharing within the Java community. Expert and entry-level Java specialists, tech writers and content developers are invited to submit content that focuses on Jakarta EE and Payara Platform application server. The contest challenges Java experts, tech writers, creatives and storytellers worldwide to showcase their talent and technical proficiency by developing captivating and technically accurate content of any written form. Discussing technical concepts behind Jakarta EE and the Payara Platform or offering insightful perspectives on real-world applications, submissions will contribute to expertise development and growth within the Jakarta EE community. The initiative is open for entries and will close on June 30, 2024. Submissions will be evaluated by an expert judging panel, includ

Informationsdokument – BI Boligejendomme A/S23.5.2024 10:26:48 CEST | pressemeddelelse

Informationsdokumentet er opdateret med en oplysning om, at bestyrelsen den 21. maj 2024 har truffet beslutning om at søge selskabet afviklet ved frivillig likvidation. Der henvises til selskabsmeddelelse offentliggjort den 21. maj 2024. Informationsdokumentet er vedlagt og kan downloades fra eller rekvireres ved henvendelse til BI Management A/S, Bredgade 40, 1260 København K, tlf. 77 30 90 00. Med venlig hilsen BI Boligejendomme A/S Ole Mikkelsen Direktør BI Management A/S Martin Fjordlund Smidt Direktør Vedhæftet fil Informationsdokument BI Boligejendomme AS 2024.05.23 inkl. bilag FINAL clean

HiddenA line styled icon from Orion Icon Library.Eye