Solid operations at Orkuveita Reykjavíkur

26. may 2020


The operations of Orkuveita Reykjavíkur (OR; Reykjavik Energy) were solid in the first quarter of the year. Operational profit amounted to ISK 5.5 billion but due to unfavorable impacts on external factors, the results for the first three months are negative, amounting to ISK 2.6 billion. The company is well positioned to deal with these unfavorable factors, liquidity position is strong but at the end of the first quarter the company‘s liquidity position amounted to approximately ISK 23 billion.

Extensive investments

Due to increased construction and development in the main service areas of the company, investments were extensive in the first three months of the year, amounting to ISK 3.8 billion. Main investments in the period are related to construction and maintenance of supply systems – water, sewer, heating and electricity-, investments in new boreholes at the Hengill area, in addition to connecting homes to the fiber optic cable of the Reykjavik Fibre Network in the municipalities of Árborg and Reykjanesbær.

Managers‘ Overview
2016 2017 2018 2019 2020
Amounts in ISK millions
Revenues 11.336 11.822 12.263 12.643 13.265
Expenses (4.079) (4.138) (4.511) (4.717) (4.718)
EBITDA 7.257 7.685 7.752 7.926 8.547
Depreciation (2.406) (2.384) (2.287) (2.829) (3.080)
EBIT 4.850 5.301 5.464 5.097 5.466
Income tax (432) (2.258) 1.028 (808) 3.462
Result of the period 2.535 6.039 390 3.869 (2.647)

Key financial figures

More key financial figures of OR and subsidiaries and other financial objectives are available here.