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Festi hf

Festi hf.: Financial results for Q3 2024

Source: GlobeNewswire
Festi hf.: Financial results for Q3 2024

Main results

  • Lyfja’ s operations became a part of the Festi group from July 1st, 2024.
  • Sale of goods amounted to ISK 44,257 million, increased by ISK 6,923 million or 18.5% between years, or 6.4% excluding the effects of Lyfja.
  • Gross profit from sales of goods and services amounted to ISK 10,829 million, an increase of ISK 2,255 million or 26.3% between years or 9.6% excluding the effects of Lyfja.
  • Margin from sale of goods and services were 24.5% and increased by 1.5 p.p. from Q3 2023 and increased by 0.7 p.p. from Q2 2024.
  • Salaries and other personnel expenses was ISK 4,826 million and increases by 31.3% or 8.8% excluding the effects of Lyfja.
  • EBITDA amounted to ISK 4,741 million, an increase of ISK 836 million or 21.4% between years. Excluding the effects of Lyfja, the increase is 9.3%.
  • Profit for the quarter amounted to ISK 2,232 million, or 20.6% of margin from sales, an increase of ISK 416 million YoY.
  • Net cash from operating activities was ISK 4,643 million or 42.9% of margin from sales, compared to ISK 3,383 million last year.
  • Equity at the end of Q3 2024 amounted to ISK 40,434 million with an equity ratio of 35.7%.
  • EBITDA guidance for the year 2024 is increased by ISK 400 million to ISK 12,700 – 13,100 million.


Ásta S. Fjeldsted, CEO:

  • The company's operations exceeded expectations. We saw improvement in all areas of operations with an increase in customer visits, the number of goods sold, and the number of fuel litres sold between years. Profit margins strengthened for all companies in the Group and increased by 1.5 p.p. between years, or 0.7 p.p. excluding Lyfja, which is the same margin level achieved in the last quarter. We are pleased with the result, which shows that the cost-side measures that have been taken to improve the profit margin level have been successful.
  • Lyfja was part of the Company's operations from 1 July where sale of goods and services amounted to ISK 4,549 million in the  quarter. Lyfja's EBITDA amounted to ISK 473 million and profit amounted to ISK 186 million. Financial comparison between years is difficult because of Lyfja coming new into the Group.
  • Festi's operating profit (EBITDA) amounted to ISK 4,741 million. (Q3 2023: ISK 3,905 million), which is a 21.4% increase from the previous year. Profit for the third quarter amounted to ISK 2,232 million, an increase of ISK 416 million from the previous year. The outlook for the last quarter of the year is good and the company's EBITDA guidance for 2024 is increased by ISK 400 million to ISK 12,700 – 13,100 million.

The main projects in the quarter and ahead:

  • Festi and Olís began a formal sale process of the companies' holdings in Olíudreifing ehf. on 26th of September. Olíudreifing is 60% owned by Festi and 40% owned by Olís. The company is a vital infrastructure company in terms of inventory and distribution of fuel in Iceland. Íslandsbanki Corporate Finance has been entrusted with the management of the sale process. Further information on the progress of the sale process will be provided as soon as necessary.  
  • Karen Ósk Gylfadóttir was hired as Managing Director of Lyfja on 11 October and at is now member of Festi's Executive Committee. For the past three years, she has served as Managing Director of Products, Marketing and Digital Development at Lyfja. Karen Ósk takes over from Hildur Þórisdóttir, who was acting CEO alongside her work as Director of Human Resources from the summer of 2023. Hildur has been hired by Festi as the company's Human Resources Manager.
  • Lyfja's office will move to Festi's headquarters on Dalvegur at the beginning of November. With the transfer, the support services of the companies will be merged as part of several projects that are being worked on to achieve synergy in the acquisition of Lyfja. The projects have various timelines, but it is estimated that majority of the projects will be completed in the next 12 months.
  • ELKO's largest store opens in Lindir tomorrow, 31 October after extensive renovation and changes. The decrease in sales in Lindir during the construction period was entirely transferred to ELKO's other stores, which showed a significant increase between years.
  • The position of managing director of N1 was advertised and the recruitment process will begin in the next few days.
  • Three automatic car wash stations opened on Gagnvegur, Lækjargata and Stórihjalli and a continued increase in the number of charging stations in collaboration with Tesla, which opened its largest charging park in Iceland at N1 at Reykjanes Airport, in early September. N1 also installed new fast-charging stations in Egilsstaðir, Ísafjörður, Sauðárkrókur and Blönduós during the quarter.
  • Renovation work at Krónan store at Bíldshöfði has begun and the plan is to open a stylish and improved store at the end of November/ December.
  • The advancement of Krónan's Smart Store continues, with home deliveries for residents of the upland areas of Árnessýsla starting in the quarter and the turnover of the Smart Store has increased by over 40% between years.


The company is growing bigger and stronger. The focus will continue to be on improving revenue growth, restraining costs and sharpening efficiency to increase profit margins and reduce unit costs in the Group.

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