Solid operating results of Reykjavík Energy Group

ISK 4.7 billion profit was made from the activities of the Reykjavík Energy group (Orkuveita Reykjavíkur; OR) through Q3 2022. Operating results and cash flow from operations are stable, but calculated figures due to volatility in aluminium prices and domestic inflation have an impact on the overall result of OR's consolidated interim financial statements, which the board approved today. Within the group are, in addition to the parent company; Veitur Utilities, ON Power, Reykjavík Fibre...

Reykjavik, 28/11/2022 (informazione.news - comunicati stampa - energia)

ISK 4.7 billion profit was made from the activities of the Reykjavík Energy group (Orkuveita Reykjavíkur; OR) through Q3 2022. Operating results and cash flow from operations are stable, but calculated figures due to volatility in aluminium prices and domestic inflation have an impact on the overall result of OR's consolidated interim financial statements, which the board approved today. Within the group are, in addition to the parent company; Veitur Utilities, ON Power, Reykjavík Fibre Network, and Carbfix. 

Income growth in year 2022 is mainly the result of higher aluminium prices early on. The income of all business units of the group increased year-on-year by between 3-16%. The water utility's income increased the least, but other income, where Reykjavík Fibre Network has the most weight, increased proportionally the most. Although Reykjavík Energy has fixed a large part of the interest rates on long term debt, various effects of inflation can be seen in the interim results. These include rising prices of inputs, rising bids for construction works, and increasing indexation of index-linked loans. 

 

Contact: 

Benedikt Kjartan Magnússon 
CFO 
+354 516 6100

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