Financial statement for Byggðastofnun from January - June 2024 shows positive growth and strong financial position.

From GlobeNewswire: 2024-08-29 19:58:00

The annual financial statement of Byggðastofnun for January – June 2024 was confirmed by the board on August 29, 2024. This is the first annual financial statement prepared in accordance with international public sector accounting standards (IPSAS). The institution’s financial position remains strong, supporting its role as a key player in rural economic development.

The financial period yielded a positive result of 1.090 million Icelandic Krona, compared to 285 million Krona in the same period last year. The institution’s own funds ratio at the end of June was 24.64%. Byggðastofnun operates under specific laws to enhance rural development and promote equal opportunities for all citizens in economic activities and residency.

Key figures from the financial statements for comparison show an increase in net assets to 28.393 million Krona, with loans amounting to 24.237 million Krona. Liabilities rose to 22.604 million Krona, marking an increase in total assets. Details and further information can be obtained from the Managing Director, Arnar Már Elíasson.

Overall, the financial performance of Byggðastofnun for the period indicates positive growth, with increased net assets and a strong financial position relative to the previous year. The institution’s focus on rural development and economic support is reflected in its financial results, supporting its mission of fostering sustainable communities and businesses in Iceland’s rural areas.



Read more at GlobeNewswire:: Árshlutareikningur Byggðastofnunar janúar – júní 2024