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Isavia Interim Results - June 30th 2022

Isavia Interim Results - June 30th 2022

Isavia Group’s operating result before depreciation, interests and taxes (EBITDA) in the first half of 2022 was ISK 968 million. This compares to a negative operating result of ISK 3,2 billion for the same period last year. Revenue rose by ISK 9,5 billion year-on-year, totalling ISK 15,8 billion in 2022. Although COVID-19 continued to affect the company’s performance in the first half of 2022, results were considerably better than expected. The profit for the period was ISK 501 million, as compared to a loss of approx. ISK 3,5 billion for the same period last year. Investment totalled ISK 6,5 billion in the first half of the year – the vast majority of which (ISK 6,1 billion) related to investments at Keflavík International Airport. 

2,3 million passengers passed through Keflavík International Airport in the first half of this year, as compared to 2,7 million over the same period in 2019. July and August this year saw more passengers than the same months in 2019 – it can therefore be stated that full recovery following the COVID-19 pandemic was achieved in July.

“It is significant and positive news that we have succeeded in getting back to pre-pandemic passenger numbers at Keflavík International Airport,” says Isavia CEO Sveinbjörn Indriðason. “This is by no means something to taken for granted – in fact, we are one of the few airports in Europe to have achieved this. At the same time, we are undertaking the most extensive investments in the company’s history, as it is essential for Keflavík International Airport to be able to continue supporting an increase in connectivity and thereby have a direct impact on the quality of life and prosperity in Iceland.”

Despite this success in passenger numbers, there remains considerable uncertainty ahead. “Rising costs in recent years – in particular, higher wages in Iceland – have made it difficult for us to achieve the profitability needed to fund the extensive developments that lie ahead and, as things stand, there is a great deal of uncertainty going forward,” explains Indriðason. “We will continue to face strong competition from airports in other countries, so we need to be particularly smart in dealing with this uncertainty. Connectivity is one of the key factor supporting economic growth in Iceland.”

Isavia´s half-year results for 2022 can be read in full here

Key figures from Isavia’s half-year results for 2022

  • Revenue: ISK 15.813 million
  • Operating profits for depreciation, capital items and taxes (EBITDA): ISK 968 million
  • Comprehensive pre-tax result: ISK 501 million
  • Cash and cash equivalents: ISK 8.518 million
  • Investment in fixed assets: ISK 6.457 million
  • Equity at end of period: ISK 37.078 million
  • Equity ratio: 42,2%