Icelandair: Robust third quarter results, with USD 58 million profit
20 Octubre 2022 - 10:55AM
Icelandair: Robust third quarter results, with USD 58 million
profit
- EBIT USD 92.7 million with 19% EBIT margin; improving by USD
84.5 million year-on-year
- Record passenger revenue USD 408.3 million
- Record load factor and high unit revenue
- Number of passengers 1.4 million; more than doubling from last
year
- Unit revenues up by 38% year-on-year while unit cost excluding
fuel decreased by 8%
- Strongest cash position ever at the end of Q3
- Well positioned to weather headwinds and seize opportunities in
the coming months
BOGI NILS BOGASON, PRESIDENT
& CEO
Delivering such robust financial result driven
by record revenues, clearly demonstrates the strength of our
business model. By using the flexibility of our route network and
operations, we were able to make the most of opportunities in all
our markets in the quarter.
We reached 82% of 2019 capacity and more than
doubled the number of passengers between years. It is great to see
how fast our transatlantic market has recovered, accounting for 43%
of the total number of passengers in the quarter. Continued
improvement of revenue generation from our Saga Premium product
positively impacted unit revenue. Furthermore, our cargo and
leasing businesses continued to strongly complement our revenue
generation.
Achieving these results against a backdrop of
considerable challenges during the ramp-up phase has required a
joint effort across the Company. Disruptions at airports and in
supply chains impacted our operations as well as our customers’
experience. I would like to thank our employees for the dedication
and hard work over the past weeks and months, our customers for
their trust and patience, and our tourism partners for their great
cooperation in quickly ramping up tourism services in Iceland.
The booking status in the fourth quarter is
strong although we are expecting some headwinds this winter. The
operating environment will remain challenging, where we are seeing
interest rates and various costs on the rise which will most likely
impact demand. We, however, believe there will continue to be great
opportunities for Iceland as an attractive destination and we have
a strong foundation to build on. Our financial position is robust
with strong liquidity and our extensive route network, as well as
our flexibility allows us to move quickly and adjust our operations
and services to the situation.
WEBCAST 21 OCTOBER
2022
An investor presentation will be webcast in
relation to the publication of the results at 8:30 GMT on Friday,
21 October 2022, at http://icelandairgroup.is. Bogi Nils Bogason,
President & CEO of Icelandair Group, and Ivar S. Kristinsson,
CFO, will present the Company’s results and answer questions.
The presentation and Q&A will take place in
English.
INFORMATION
Investors: Íris Hulda
Þórisdóttir, Director of Investor Relations. E-mail:
iris@icelandair.isMedia: Ásdís Pétursdóttir,
Director of Communications. E-mail: asdis@icelandair.is
- Pressrelease Q3 2022
- Icelandair Group hf 30.09.2022
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