Orkuveita Reykjavíkur: Reykjavík Energy | Third quarter 2024 results

Reykjavík Energy (Orkuveita Reykjavíkur; Orkuveitan) operations generated a profit of ISK 5.1 billion in the first nine months of the year. This represents an increase of 44% compared to the same period last year and provides a solid basis for the company’s planned growth in the coming years, according to CEO Sævar Freyr Þráinsson. The interim consolidated financial statements for the first three quarters of 2024 were approved by the board of directors today. The group includes Veitur Utilities, ON Power, Reykjavík Fiber Network and Carbfix, alongside the parent company.

Operating cash flow for the first nine months amounted to ISK 20.7 billion, an increase of 5.2% year-on-year. Fixed asset investments totaled ISK 21.4 billion during the period, an increase of 20% compared to the same period in 2023.

Positive indicators
Sævar Freyr Þráinsson, CEO of Reykjavík Energy, sees several positive signs for the company’s necessary growth, as outlined in the group’s financial forecast last month. “The services provided by Reykjavík Energy and its subsidiaries are reliable,” says Sævar, “and many projects are underway to ensure that they remain so for the foreseeable future. Among these are improved digital services, continued development for the energy transition and, quite simply, Recently we had good news regarding the increase in water supply for the Veitur district heating system in the capital region,” he adds. “All this confirms Reykjavík Energy’s role as a catalyst for a sustainable future, which is the motto we have collectively adopted.”

Contact:
Snorri Hafsteinn Thorkelsson
Financial Director
such. : +354 516 6100, e-mail: [email protected]