Strong Revenue Growth and Profit Surge
Reykjavík Energy has reported a significant increase in revenue for the first half of 2024, showcasing a growth of 9.3% compared to the same period last year. Profits have also experienced a substantial rise, nearly tripling from ISK 1.6 billion in 2023 to ISK 4.3 billion in the first six months of 2024. This impressive performance is detailed in the company's consolidated interim financial statements, approved by the Board of Directors.
Operational and Financial Highlights
The financial health of Reykjavík Energy is further highlighted by a cash flow from operations amounting to ISK 14.6 billion, marking a 4.6% increase year-on-year. Investments in fixed assets have reached ISK 13.7 billion, underpinning the company's commitment to growth and stability. As of June 30, the group's assets are valued at ISK 495 billion, with an equity ratio of 52.4%, indicating a strong financial stance.
Involvement in Climate Projects
CEO Sævar Freyr Þráinsson emphasizes the role of Reykjavík Energy in climate initiatives, stating, "Orkuveitan is a driving force for necessary transitions." The company is actively engaged in increasing energy production and carbon sequestration projects both locally and internationally. These initiatives demand extensive investment in both technology and personnel expertise.
Substantial Investment in Sustainability
In the first half of the year, Reykjavík Energy's investments amounted to nearly ISK 14 billion. The company supports sustainable projects, with cash flow from operations reaching ISK 14.6 billion. This financial strength is crucial for advancing large-scale sustainable projects.
Commitment to Sustainable Growth
Sævar Freyr outlines Reykjavík Energy’s strategic focus on sustainable growth. A notable example is the expansion of ON Power’s EV charging network, which has seen sales almost quadruple over two years, aiding the transition to sustainable transportation. Additionally, there has been an 11% increase in hot water usage by Veitur Utilities’ customers compared to the first two quarters of 2022.
Recognition for Sustainability Efforts
Reykjavík Energy has received commendations for its sustainability initiatives, earning 88 out of 100 points in Reitun’s ESG-rating, particularly excelling in environment and climate issues. This recognition is further supported by the PwC Sustainability Index, where Reykjavík Energy is ranked among the leading companies in Iceland for climate issues.
Reykjavík Energy's financial and operational achievements underscore its commitment to sustainable development and highlight its role as a leader in climate and energy transition projects.
