2.06 billion ISK profit after tax in H1 2023
SKEL published H1 financial statements today
KEY INDICATORS AND RESULTS IN FIRST SIX MONTHS OF 2023
- Investment income amounted to ISK 2,424 million ISK (H1 2022: 6,849 million ISK)
- Operating expenses amounted to 407 million ISK (H1 2022: 636 million ISK)
- Profit after taxes amounted to 2,060 million ISK (H1 2022: 4,939 million ISK)
- Return on equity year-on-year was 12.5% (H1 2022: 30%)
- Earnings per share 1.06 ISK (H1 2022: 2.27 ISK)
- Net cash provided by operating activities was negative by 42 million ISK (H1 2022: positive by 4,480 million ISK)
- Total assets at the end of the period amounted to 42,074 million ISK (31/12/2022: 38,505 million ISK)
- Equity at the end of the period was 34,946 million ISK and the equity ratio was 83% (31/12/2022: 33,430 ISK and 86.2%)
- Equity per share at the end of the period amounted to 18.1 ISK (31/12/2022: 17.3 ISK)
- Cash at the end of the period amounted to 3,904 million ISK, and holdings in treasury bonds amounted to 1,008 million ISK (31/12/2022: 4,731 million ISK and 2,116 million ISK)
HIGHLIGHTS OF SKEL'S ASSET PORTFOLIO IN Q2
- Skeljungur and Klettur become Styrkás and concurrently Horn IV invests 3.5 billion ISK in the company
- Sale of all SKEL’s shares in Sp/f Orkufelagið finalised at the end of July
- Turnaround in the operation of Orkan
- Orkan’s retail operations and Lyfjaval ehf. sold to Heimkaup and Gréta María Grétarsdóttir appointed CEO of the company.
An open presentation of the Company’s interim financial report will be held on 17 August at the Reykjavik Edition Hotel at 2 Austurbakki, 101 Reykjavík. The meeting will begin at 08:30. At the meeting, Ásgeir Helgi Reykfjörð Gylfason, CEO, and Magnús Ingi Einarsson, CFO, will present the results and highlights of the Company’s operations.
Financial summary and investor presentation is accesible here
SKEL has accepted a purchase offer for all owned shares in Sp/f Orkufelagið
SKEL fjárfestingafélag hf. has accepted an Offer Letter from a Faroese investment company for all owned shares in Sp/f Orkufelagið or 48.3% shares. Orkufelagid is the holding company for P/F Magn that operates in the Faroe Island.