Ísfélag (ISF) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was USD 68.3 million, down from USD 82.2 million in H1 2023, reflecting the absence of a capelin season and the closure of the Þorlákshöfn processing plant due to a ban on lobster fishing since 2021.

• Net profit for H1 2024 was USD 0.28 million, a significant decrease from USD 17.9 million in H1 2023.

• The company is investing in expanding the fishmeal plant in Vestmannaeyjar and constructing a new cold storage facility in Þórshöfn; the new trawler Sigurbjörg was delivered in July 2024.

• The company remains financially strong with an equity ratio of 70% at the end of June 2024.

Financial highlights

• Revenue for H1 2024: USD 68.3 million (H1 2023: USD 82.2 million).

• EBITDA for H1 2024: USD 13.2 million (H1 2023: USD 30.3 million).

• Net profit for H1 2024: USD 0.28 million (H1 2023: USD 17.9 million).

• Equity at 30 June 2024: USD 535.4 million (31 Dec 2023: USD 554.2 million).

• Total assets at 30 June 2024: USD 764.9 million (31 Dec 2023: USD 804.4 million).

Outlook and guidance

• Investments in production capacity and new vessels are expected to improve future operations.

• The company is well positioned financially to pursue further investments and opportunities in coming years.