Festi hf.: Financial results for Q3 2020
Profit in Q3 2020 ISK 1,162 million
Main results
- Margin from sales of goods and services was ISK 5,831 million compared to ISK 5,644 million in Q3 2019, an increase of 3.3%.
- EBITDA ISK 2,586 million compared to ISK 2,617 million in Q3 2019, a decrease of 1.2%.
- Decline in results is related to COVID-19 restrictions enforced beginning of August
- Gross margin from sales 24.8% in Q3 2020 compared to 23.4% in Q3 2019
- Equity ISK 29,682 million and equity ratio 34.8% compared to 35.3% at the end of 2019.
- Net interest-bearing debt without lease liabilities ISK 28,109 million compared to ISK 28,011 million at the end of 2019.
- EBITDA guidance for 2020 is updated and is in the range between ISK 7,200 – 7,500 million
Eggert Þór Kristófersson, CEO of Festi:
“The operations performed well in third quarter, a confirmation of the strength of brands within the Festi group. On top of my mind today is gratitude towards all our great employees who are on duty for us in the ongoing COVID-19 epidemic. I am very proud of this powerful group of employees.
ELKO operations continued to exceed expectations despite that our Elko airport stores are seeing more the 70% decline in turnover. ELKO is experiencing great growth in stores in and around the capital and especially in the on-line store which shows enormous growth year on year. Work on a new ELKO store in Akureyri is well underway and it is scheduled to open later this month.
N1 operations performed admirably throughout the summer despite reductions in tourism and less activity in the fishing industry. Once again N1 shows that the strong distribution network around all of Iceland is top of the line. The operation in the quarter suffered however because of COVID-19 congregation restrictions enforced for the beginning of August.
Krónan’s operations have continued to show good growth year on year as the company opened new store in Hallveigarstigur in Reykjavík. Krónan on-line store has as well received extremely good feedback from our customers. Two new stores are scheduled to open in the 4th quarter, in Norðurhella, Hafnarfjordur and Austurver in Reykjavík.
The business outlook for Festi is good and the company is well equipped to handle the projects going forward. We will continue to emphazise on quality and security to ensure the safety of our employees and customers ” says Eggert Þór Kristófersson, CEO of Festi.
Further information is found in the Company announcement attached.
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