Isavia Interim Results - June 30th 2023
Isavia Group’s operating result before depreciation and amortization (EBITDA) in the first half of 2023 was ISK 1.777 billion. This compares to ISK 968 billion for the same period last year, i.e., an increase of ISK 809 million. Revenue rose by ISK 4.272 billion year-on-year, totalling ISK 20.085 billion. The period saw a negative result of ISK 221 million, as compared to a positive result of approximately ISK 501 million for the same period last year. This fall can be attributed to changes in exchange-rate fluctuations related to long-term loans in foreign currency. Investment totalled ISK 8.197 billion in the first half of the year – the vast majority of which (ISK 7.802 billion) concerned building work at Keflavík International Airport.
A total of 3.4 million passengers passed through Keflavik International Airport in the first half of the year.
‘Isavia Group’s operations in the first half of the year have been more or less in line with our expectations,’ says Isavia CEO, Sveinbjörn Indriðason. ‘Like other companies, we have felt the effect of cost increases in recent times and are making every effort to cover them.’
Isavia’s long-term plans envisage further development at Keflavík International Airport. ‘At the same time as we are dealing with cost increases, our plans presuppose further rises in the number of passengers passing through Keflavík International Airport,’ adds Indriðason. ‘We will therefore continue to focus on airport development and strengthen the company’s other infrastructure.’
Key figures from Isavia Group’s half-year results for 2023:
- Revenue: ISK 20.085 billion
- Operating profits before depreciation and amortization (EBITDA): ISK 1.777 billion
- Comprehensive loss after tax: ISK 221 million
- Cash and cash equivalents: ISK 10.020 billion
- Investments in fixed assets: ISK 8.197 billion
- Equity at end of period: ISK 41.741 billion
- Equity ratio: 40.8%