Reliable Performance in a Challenging Environment
Key Results for the Second Quarter:
- Total revenue reached 3.228 billion ISK in the second quarter of 2024, remaining stable.
- Service revenue totaled 2.519 billion ISK, reflecting a growth of 3.6% year-over-year.
- EBITDA stood at 961 million ISK compared to 973 million ISK for the same period last year; the EBITDA margin was 29.8% this quarter, down from 30.3% last year.
- Profit for the second quarter was 108 million ISK.
- Operating cash flow for the quarter was 536 million ISK.
- Net financial expenses for the quarter were 264 million ISK, decreasing by 7.0% compared to last year.
- Equity ratio was 40.2% at the end of the quarter, with total equity amounting to 9.375 billion ISK.
- The customer base continues to grow this year, both in mobile and fixed-line services.
Comments from Margret Tryggvadóttir, CEO of Nova
“Now that the year is half over, it's a good time to reflect on our position. Operations remain solid. Total revenues are similar to last year, but a closer look reveals that Nova continues to strengthen its future prospects, which is always our goal. Product sales have slowed in a challenging environment, but this has not impacted our operating profit. Service revenues are increasing, and our customer base is growing.”
“Investment in infrastructure development is critical for us, as robust infrastructure enhances our competitive position. This enables us to increase our customer base nationwide while ensuring that customers are safe, satisfied, and well-connected. Maintaining good relationships with customers is even more important now, given the fewer people in the market. We have also continued to build 5G towers across the country to bolster our existing systems and add new locations to reduce dead zones in our mobile network. In total, we have invested over 800 million ISK in infrastructure development this year. We at Nova have celebrated and participated in collaborations to enhance mobile networks, where significant opportunities for cost reductions through shared infrastructure exist.”
“We also see opportunities for better utilization of public funding, specifically for further enhancing mobile networks in the most sparsely populated areas. Mobile networks can be comparable to fiber-optic connections and, in fact, it makes more sense to invest in this development, which is more economical, progress faster, and simultaneously ensures mobile connectivity in the respective areas.”
“The technology itself is not an end goal, but a means to simplify and enrich life. We will continue to emphasize mental wellness and our rewards club, FyrirÞig. We have encouraged various screen-free gatherings with Busltónleikum and free swimming trips throughout the summer. Customers enjoying life in good relationships are satisfied customers, and that is the most important aspect that we have at Nova. We look forward with great anticipation to the latter half of the year.”
Investor Presentation
An investor presentation concerning the financial results will be held tomorrow. Margret Tryggvadóttir, CEO, along with Þórhallur Jóhannsson, CFO, will present the results and address queries. A live stream will be available along with presentation materials on Nova's official website.
Contact Information for Further Inquiries
For additional information about the report, please contact:
Margret Tryggvadóttir, CEO, margret@nova.is, tel. +354 770 1070
Þórhallur Jóhannsson, CFO, thorhallurj@nova.is, tel. +354 770 1090
Frequently Asked Questions
1. What were the total revenues for Nova Klúbburinn in Q2 2024?
Total revenues were 3.228 billion ISK in the second quarter of 2024.
2. How much did service revenues increase by?
Service revenues grew by 3.6% year-over-year, totaling 2.519 billion ISK.
3. What was the EBITDA margin for Nova Klúbburinn in the second quarter?
The EBITDA margin was 29.8% for the second quarter of 2024.
4. How many 5G towers has Nova Klúbburinn invested in this year?
Nova has invested over 800 million ISK in infrastructure development, including building 5G towers.
5. What is the equity ratio of Nova Klúbburinn?
The equity ratio was 40.2% at the end of the quarter, with total equity amounting to 9.375 billion ISK.
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