Festi hf.: Financial results for Q3 2021
Main results
- Margin from sales of goods and services was ISK 6,875 million compared to ISK 5,785 million in Q3 2020, increase of 18.8% from last year.
- EBITDA was ISK 3,346 million compared to ISK 2,586 million in Q3 2020, increase of 29.3%.
- Gross margin from sales was 25.4% in Q3 2021 compared to 24.7% in Q3 2020.
- Operating expenses relating to COVID-19 was ISK 14 million compared to ISK 108 million in Q3 2020.
- Equity was ISK 31,748 million and equity ratio 36.6% compared to 35.7% at the year end of 2020.
- Net interest-bearing debt without lease liabilities ISK 25,423 million at end of Q3 2021 compared to ISK 29,986 million at year-end 2020, a decrease of ISK 4,563 million between years.
- EBITDA forecast for 2021 was increased on September 29th by ISK 600 million and is now in the range of ISK 9,400 – 9,800 million.
Eggert Þór Kristófersson, CEO of Festi:
"Our focus on improved operations continued to show results in the third quarter with revenue increasing by 15% and EBITDA by 29% compared to same period last year. The operations of all the Group's entities were significantly better than the company anticipated. Behind all this is a lot of hard work and I would like to take this opportunity to thank our employees for their excellent work.
Our focus has also been on expanding customer service and customer experience by investments in digital solutions. The latest product that has been introduced in that journey is Krónan "Scan and Go“ solution, which enables our customers to use their mobile phones when shopping in Krónan stores. New online stores of ELKO and N1 have also been launched during the year with increased service to our customers.
The impact of the COVID epidemic was still felt during the quarter although it‘s effects are diminishing. Increased customer demand in the global markets together with delays in important supply chains have led to shortage of goods and rising commodity prices in recent quarters. The outlook for our operations are however, still very good and the company is well equipped to face the challenges that lie ahead." says Eggert Þór Kristófersson, CEO of Festi.
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