According to previously published profit forecast the Company estimated that the EBITDA in 2018 would range from 2,600-2,800m ISK and that capital investments would range from 750-850m ISK.
Based on the currently available information Skeljungur has decided to raise the EBITDA forecast for 2018 from the range 2,600-2,800m ISK to 2,800-3,000m ISK. Capital investments range will remain unchanged, 750-850m ISK.
Information emerging from the preparation of financial statements for Q1 and updated forecast for 2018 indicates that the overall results of the year will be better than anticipated. The main reason for improved results in Q1 is better results from fuel sales in Iceland, the Faroe Islands and from international sales, as well as one-off profit of 103m ISK due to updated asset prices on one of the Company's assets.
It should be noted that the change to the EBITDA forecast is not based on audited or reviewed results. The Company is still preparing its financial statements for Q1 therefore premises and circumstances may change and consequently the Company's Q1 and year end results may be different from the current outlook. Please note that the financial statements for Q1 are neither audited nor reviewed.
Skeljungur hf. will publish its Q1 2018 financial results after market have closed on Tuesday, May 8, 2018. Skeljungur will host an open meeting for investors, analysts and the press on Wednesday, May 9, at 8:30 am at Hilton Reykjavik Nordica hotel, Suðurlandsbraut 2, 108 Reykjavík, in meeting room I.
For further information please contact Hendrik Egholm, CEO, investors@skeljungur.is, tel: 444-3000 / 840-3002.
Skeljungur is an energy company with operations in Iceland and in the Faroe Islands. Skeljungur sells fuel and oil to consumers and businesses in fisheries, agriculture, transportation, aviation and construction under the brands Skeljungur, Orkan and OrkanX. The company also sells fertilizer and other chemical products. In Iceland the Company runs 65 gas stations and 4 oil depots. Magn P/F, Skeljungur's subsidiary in the Faroe Islands, runs 11 retail and gas-stations and 2 oil depots. Magn also serves and sells oils for house heating to individuals and companies in the Faroe Islands. Skeljungur's goal is to serve the energy needs of consumers and businesses in an efficient and safe way and in harmony with the environment.