Landsvirkjun’s largest profit since 2009

Landsvirkjun’s profit last year amounted to 148.6 million dollars, equivalent to 19.3 billion ISK. The company has not returned as much profit since 2009 when it amounted to almost 200 million dollars. Profits almost doubled between years, amounting to 78.6 million dollars in 2020.

Operating income amounted to 558.8 million dollars, equivalent to 72.6 billion ISK, and has never been higher in history. They increased by 105.3 million dollars or 23.3% from 2020.

“After uncertainty and difficulties in the company’s operating environment at the beginning of the viral epidemic in 2020, Landsvirkjun’s operations developed very positively in 2021,” says Hordur Arnarson, CEO of the company, in an announcement that accompanied its annual results.

“The improved performance can be attributed to a great improvement in the operating environment of our customers’ large users and Landsvirkjun itself.” It has been pointed out that commodity prices, including aluminum prices, have skyrocketed in recent months, compared to the beginning of the epidemic. This has resulted in greatly improved results for smelters in this country and, in fact, turned an impermeable loss-making operation into a profit. Landsvirkjun’s large contracts are linked to world market prices for aluminum, and therefore these disruptions appear in the company’s books.

Hordur also mentions that the total amount of electricity sold increased by 5% in 2021, compared to 2020. The electricity system in Iceland was fully loaded at the end of last year and there was great demand from a diverse group of customers.

Debts 195 billion

Landsvirkjun’s net debt amounted to USD 1,500.8 million at the end of last year, equivalent to ISK 195.1 billion. They decreased by 175 million dollars, equivalent to 22.8 billion ISK.

“The main debt ratios have now become comparable to those of our sister companies in the Nordic countries, which is an achievement we are proud of. The key measure net debt / EBITDA decreased significantly last year and net debt is now only about 3.5 times operating profit before depreciation. There is therefore no longer a need to emphasize the rapid reduction of debt and the company’s dividend-paying capacity has consequently increased, “says Hordur.

As a result, the company’s board has decided to propose to its owner, the Icelandic state, that a dividend of ISK 15 billion be paid for last year’s operations.

Your Comment




The doctor has applied for the Miss BumBum pageant, no one wants to hire her anymore

Souza was one of the favorites last year Model and doctor Ryan Laura Souza, 26, who lives in Bolivia last year, applied for the Miss...

Romina Malaspina, the sensual woman who makes all men sigh

The beautiful model was born on July 7, 1994, in Mar del Plata. Her beauty and way of being led her to be part...

Until yesterday, everyone in Croatia laughed at Aleksandra Prijovic, and today they are crazy about her songs

Even these days, the trend on YouTube in Croatia is not surprising - young Croats on this platform mostly listen to Serbian turbo-folk hits...

SEKA ALEKSIC BANNED IN THE MEDIA BECAUSE OF THIS- The singer answered and said only one thing

Seka also revealed that her older son Jakov is now in the growing up phase when he is very restless, but that she tries...

Emina Jahovic admitted that she did not have an easy life- I was the target, I was tried

Singer Emina Jahovic has often been the subject of gossip due to her divorce from Mustafa Sandal Singer Emina Jahovic has often been the subject...