Q3 2023 Icelandair Group hf Earnings Call Transcript
Good morning, and welcome to the presentation of Icelandair's quarter 3 results. I'm Bogi Nils Bogason, and here with me is our CFO, Ãvar Sigurður Kristinsson. And as usual, we will start by presenting the financials, the outlook. But following the presentation, we will have a Q&A session. And please send us questions via the e-mail [email protected].
But first, a few key takeaways from the information that we published yesterday afternoon. We are very proud of the strong results in the very important third quarter. EBIT increased by 21%, up to $112 million, and net profit rose by 46% to $84 million. The improved results were mainly driven by strong revenue generation, where total revenues increased by 15% or up to $560 million, the highest ever in 1 quarter.
There is definitely a strong demand for Iceland as a destination, especially from North America, and the number of passengers on that market traveling to Iceland or the 2 markets, grew by 16% between years. And our balance sheet continues to strengthen, which is very
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