Sýn hf.: Operating profit amounted to ISK 1,002 million for the first half of 2023

Sýn hf.’s Consolidated Interim Financial Statement for the first half of 2023 was approved by the board on August 29th, 2023.

Operating profit (EBIT) for the first half (1H) of 2023 amounted to ISK 1,002 million, an increase of 39% compared to the same period in the previous year. EBIT for the second quarter (Q2) amounted to ISK 574 million compared to ISK 322 million in Q2 2022.

Profit after taxes for 1H 2023 amounted to ISK 483 million compared to ISK 273 million in the same period in the previous year.

A decision from the Competition Authorities regarding Ljósleiðarinn's purchase of Sýn's core network is expected no later than September 28th. The agreed purchase price is ISK 3,000 million.

Sýn recently bought the marketplace Bland. In October, results are expected from the Icelandic Competition Authorities regarding Sýn’s purchase of the entire share capital of Njála, the parent company of Já hf. which operates the website ja.is. The purchase of Já and Bland adds a new revenue stream to the company’s operations. In addition, advertising spaces will increase significantly on Sýn’s online media.

EBIT guidance for 2023 amounting to ISK 2,200-2,500 million, excluding non-recurring profit from the sale of Sýn’s core network, remains unchanged.

Yngvi Halldórsson, CEO:

“Operating profit continues to grow in accordance with our forecasts. We see an increase in core operational revenues although direct comparison between periods is difficult as revenues for the same period last year included irregular items. It is particularly pleasing to see strong revenue growth and an increased profit margin for both advertising and roaming revenues. Furthermore, we see a strong and stable performance in the corporate part of the telecommunications sector.

Recently, we have made some good business transactions that will strengthen the company going forward. Sýn bought Já and the purchase agreement is awaiting approval from the Icelandic Competition Authorities. Moreover, a purchase agreement for the marketplace Bland.is has been completed. We see a lot of opportunities in the advertising market and in other services related to our online media platforms and these purchases are a part of that vision.

We made a landmark agreement with Viaplay which grants Vodafone an exclusive right to sell Viaplay products in a bundle with other products. This provides us for instance with the opportunity to simplify the life of sport enthusiasts by lowering the total cost of households and making access to top sports rights easier.

This August, Vodafone launched a variety of telecommunications and entertainment packages suitable for all types of homes. The reaction from customers has been great and we are aiming for an increase in market share in our core operations for the home market in the coming months.”

Attachments

  • Sýn hf. Press release Q2 2023 - EN
  • Syn hf Consolidated Interim financial statement 1H 2023
  • Sýn hf. 2023 Q2 - Investor presentation
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