Ísfélag (ISF) H2 2022 earnings summary

Executive summary

• FY2022 revenue was USD 163,714,107 vs USD 128,008,076; net income was USD 61,312,613 vs USD 40,654,238, with stronger results attributed primarily to a larger capelin season.

• EBITDA rose to USD 69,939,278 from USD 55,926,840; operating profit increased to USD 59,660,898 from USD 46,853,099.

Financial highlights

• Gross profit was USD 67,027,804 vs USD 51,946,619; export and distribution costs were USD 3,168,933 vs USD 1,017,979.

• Net finance income increased to USD 10,837,047 from USD 3,346,186; share of results from subsidiaries and associates was USD 4,139,560 vs USD 472,795.

• Operating cash flow was USD 64,012,580 vs USD 39,047,393; cash and cash equivalents ended the year at USD 26,608,654 vs USD 18,657,844.

Segment performance

• Operations comprise fishing and processing; fishing revenue includes seafood sales and quota leasing, while processing revenue comes from seafood sales.

• Fishing fees were USD 2,382,000 in 2022 vs USD 2,058,000 in 2021; fishing costs include vessel operations, crew, gear, fuel and fishing fees.