Main findings
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Merchandise sales were 32,223 million ISK, compared to 29,484 million ISK in the previous year, an increase of 9.3% year-on-year.
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Gross profit from sales of goods and services amounted to 7,033 million ISK, an increase of 806 million yen or 12.9% year-on-year.
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Profit margin from sales of goods and services was 21.8%, an increase of 0.7 percentage points from the first quarter of 2023, but a decrease of 1.2 percentage points from the fourth quarter of 2023.
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Salaries and other personnel costs will increase by 7.5%, with a full-time equivalent increase of 2.5%.
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EBITDA amounted to ISK 1,898 million, compared to ISK 1,401 million in the first quarter of 2023, an increase of 35.5% year-on-year.
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Profit for the quarter was ISK 202 million, representing a profit margin of 2.9% and an increase of ISK 293 million year-on-year.
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Net cash provided by operating activities amounted to ISK 538 million, or 7.6% of the margin, compared to ISK 1,238 million in the same period last year.
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As of the end of the first quarter of 2024, the company's equity amounted to ISK 35.14 billion, and its equity ratio was 36.0%.
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The EBITDA forecast for 2024 has been raised by 300 million ISK and now stands at 11,500-11,900 million ISK.
Asta S. Felsted, CEO:
Operating results for the quarter exceeded expectations.
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Commodity prices have remained high for the same time as last year, as market uncertainty remains due to the war in Ukraine and the Middle East. A general wage increase was implemented in the labor market during the quarter, increasing wage costs by more than 5%. Inflation and interest rates remain high, impacting commodity prices and all operating costs. The focus remains on reducing all operational costs through business process improvements and increased automation.
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The company's EBITDA was ISK 1,898 million (1Q 2023: ISK 1,401 million), an increase of 35.5% year-on-year. In the first quarter, he earned a profit of 202 million ISK, and in several years he earned a profit of 293 million ISK. The outlook for this year is positive as we approach summer, the most important time of the year for our business. The EBITDA forecast for 2024 has been increased by ISK 300 million to ISK 11,500-119 million.
Major upcoming projects:
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At Festi's annual general meeting on March 6, shareholders approved the proposal from the company's board of directors. A stock option program for all full-time employees of Festi Group. A system briefing/explanation session for employees and recruitment of participants will be held from April 24th to 30th. The stock exchange will be notified of the participation results. Before the market opens on May 2nd.
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The announcement to the stock exchange on April 15 stated: The Competition Authority has accepted Festi's request to enter into mediation negotiations regarding possible remedies related to Festi's acquisition of all shares in Lyfja hf. Mediation negotiations have begun, but given the current deadlines, the matter will need to be resolved by May 21 at the latest.
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N1 and Tesla take the first step in developing fast charging stations Expected to open soon in accordance with the framework agreement signed this quarter Largest EV charging facility of its kind in Iceland There are 25 charging points in Hrugvellir, Keflavik.
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N1 is also in preparation Opened 6 automatic car washes and 2 self-service car wash stations In the second and third quarters, we will further expand our automotive services offerings.
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Kronan is expanding its home delivery service in towns across Iceland from its online store “Smart Store”. Sales increased 26% year over year. Before the addition of Húsavik and Westman Islands during the quarter, Kronan offered home delivery services to households in the capital region, Reykjanes Peninsula, South Iceland and North Iceland. Testing has begun with deliveries in Iceland's Eastfjords, with an official launch expected in the coming weeks.
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ELKO's new store located in the arrival hall of Keflavik Airport You can see that Q1 sales are up 33% year over year.Renovation work is now underway ELKO store in Lindir, Kopavogur, It is scheduled to be completed in the fall. Lindir's store is his second-highest-selling among the 400 stores of his Elkjop brand in the Nordic countries.
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Festi Fasteignir was rebranded to Yrkir eignir in the first quarter. This change has resulted in a greater focus on disclosure of the Group's real estate business, which is reflected, among other things, in this result.
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Yilkir Eignir has received three proposals to develop an N1 service station in a residential area in Agisiza, Reykjavík In a contest sponsored by the company. The proposal will be published on the company's website yrkir.is by the end of this week. The winning proposal will be selected in the coming weeks.
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As stated in the company's share exchange announcement on April 10th., Festi and Hagar have decided to start preparing for the sale of their shares in the infrastructure companies Oliud Lifefing ehf., EBK ehf. And EAK um.
Overall, the company's operations are progressing smoothly. The focus remains on increasing revenue and improving margins while maintaining control over all operating costs. Although the outlook for this year is positive, the coming months will be critical for the group's operations as the number of tourists increases that it is ready to serve across the country.
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