Despite a considerable reduction in tourists last year, the Isavia Group’s profit in 2019 was positive by ISK 1.2 billion after taxes, which is a decrease of ISK 3.1 billion from the 2018 year. Taking into account the decrease of tourism due to the fall of WOW air, the decrease between years amounts to 1.2 billion krónur. Revenue for the 2019 year fell by 3.3 billion, which is an 8% decrease between years. Cash and cash equivalents amounted to ISK 9.2 billion at year-end 2019.
Passengers on Keflavik Airport decreased by 26% year-on-year, while aircraft passing through the Icelandic high-sea area decreased by 7.5%. Domestic passengers decreased by 11.4%
“The year 2019 was very eventful for many reasons. WOW air collapse in the first half of the year and shortly thereafter Icelandair Boeing 737 MAX aircraft were grounded. All this had a significant impact on the number of passengers and thus on the operation of the Isavia Group,” says Sveinbjörn Indriðason, CEO of Isavia. “We are now facing a pandemic caused by the Covid-19, and there is huge uncertainty in the future. All we know is that the impact will be huge. The company’s financial position is strong, but it is clear that we, like other companies, need to roll up our sleeves to get through these difficulties.”
At the Annual General Meeting the Board of Directors was elected:
Chief Executive: Orri Hauksson, Eva Pandora Baldursdóttir, Matthías Páll Imsland, Nanna Margrét Gunnlaugsdóttir and Valdimar Halldórsson.
Deputy Board: Sigrún Traustadóttir, Hreiðar Eiríksson, Ingveldur Sæmundsdóttir, Óskar Þórmundsson and Þorbjörg Eva Erlendsdóttir.
Isavia’s annual and community report web site has now been opened. There you can find Isavia’s report for 2019.
The website contains Isavia’s annual financial statements and key information about the company’s operations last year. At the same time, we can also read about Isavia’s main environmental and social issues.