From GlobeNewswire:

Annual accounts of the brewery Ölgerðin Egils Skallagrímssonar for the period from March 1, 2023 to November 30, 2023 were approved by the board and CEO at a meeting on January 11, 2024. Key results for the third quarter of 2023 (Q3 2023) include a 19% increase in EBITDA to 1,390 million kr., a 14% increase in brewery sales, and a 25% increase in pre-tax profit to 876 million kr. Net interest-bearing debt, along with lease liabilities, decreased by 1.045 million kr. to 6.3 million kr. at the end of Q3 2023, despite the assumption of Iceland Spring’s debt. The forecasted EBITDA for the financial year 2023 is 5,300 – 5,500 million kr. The company’s net interest-bearing debt in Icelandic króna as of November 30, 2023, was 11.1%. The operating profit increased by 1.4 billion kr. in the third quarter of the fiscal year, with 36% of the growth attributed to Iceland Spring. Additionally, strong growth was seen in beer, energy drinks, and carbonated soft drinks. The net interest-bearing debt decreased by 1.021 million kr. from the end of the previous fiscal year, despite the assumption of 584 million kr. of Iceland Spring’s debt. EBITDA grew by 22% in the first nine months of the fiscal year, reaching nearly 4.5 billion kr. The completion of international exports of the Collab drinks is underway with positive reception, and a new subsidiary, Collab ehf., has been established for marketing the product abroad. A forecasted investment of no less than 200 million kr. is expected for the next fiscal year. The termination of the Red Bull distribution contract will have a negative impact on operating profit in the next fiscal year due to write-offs. Despite this, the company continues to see growth in energy drinks, sugar-free beverages, and smaller-sized beverages. “The company continues to see ongoing growth in product sales, with strong gains in our main product categories, and remains committed to cost-saving measures,” says Andri Þór Guðmundsson, CEO of Ölgerðin Egils Skallagrímssonar. For more information, contact Andri Þór Guðmundsson at [email protected] or Jón Þorsteinn Oddleifsson at [email protected]. (Word count: 311)



Read more: Ölgerðin Egill Skallagrímsson hf.: Áframhaldandi góður