Skeljungur hf.: The board of directors of Skeljungur hf. has decided to assess the advantages of future ownership of P/F Magn, Skeljungur’s subsidiary in the Faroe Islands

The board of directors of Skeljungur hf. has made a decision to assess the advantages of future ownership of P/F Magn, Skeljungur’s subsidiary in the Faroe Islands. The internal organisation of P/F Magn will be scrutinised to evaluate whether Skeljungur’s advantages lie in external or organic growth or in selling the company, in part or in full.

Skeljungur will be advised by a corporate advisory team from Kvika Bank hf.

P/F Magn operates 11 retail and fuel outlets across the Faroe Islands, addition to operating two fuel depots and distributing fuel to corporations, contractors and fisheries operators. Magn leads the market in sales of fuel for house heating in the Faroe Islands, where most housing is heated using oil. Following the acquisition by Magn of the company P/F Demich, which specialises in environmentally sound house heating solutions, Magn will be able to offer comprehensive house heating solutions regardless of the energy chosen by customers for their heating.

P/F Magn’s total income in the operating year 2020 amounted to ISK 15,560 million, while the Group total income amounted to ISK 41,203 million. P/F Magn’s EBITDA in 2020 amounted to ISK 1,509 million, while the Group EBITDA amounted to ISK 2,676 million.

Further news may be expected in the coming months.

For further information, please contact Árni Pétur Jónsson, CEO .