Festi hf.: Financial results for Q2 2022
Main results
- Margin from sale of goods and services was ISK 7,325 million. Gross margin from sales was 24.5% and decreases by 0.6% bps. between years.
- EBITDA was ISK 2,911 million compared to ISK 2,458 million in Q2 2021, increase of 18.4% YoY.
- Rising prices in commodity markets following Russia’s invasion of Ukraine and increase in inflation cause for concern.
- Equity was ISK 32,984 million and equity ratio 36.2% at the end of Q2 2022 compared to 39.4% at year-end 2021.
- Net interest-bearing debt without lease liabilities amounted to ISK 27,513 million at the end of Q2 2022 compared to ISK 23,309 million at year-end 2021.
- The company's EBITDA forecast for 2022 is raised by ISK 400 million and is now ISK 9,800 - 10,200 million.
Eggert Þór Kristófersson, CEO of Festi:
"Operations in the second quarter went well and exceeded our estimates. N1 increases its turnover and profits significantly between years with an increase in the number of foreign tourists and increased activity among the company's large customers. The operations of ELKO and Krónan were also good in the second quarter. Price increases in fuel and groceries significantly increase investment in inventories compared to the same quarter last year, which is the result of war in Ukraine and global inflation. Due to improved operations and management's assessment of outlook throughout the year, we increase the EBITDA forecast for 2022 by ISK 400 million, or to ISK 9,800 – 10,200 million." says Eggert Þór Kristófersson, CEO of Festi.
Attachments
