Financial Statement: Profit in 2021

February 10, 2022

Austerity measures result in more solid operations

Valitor’s total profit amounted to ISK 353 million in 2021, compared to a total loss of ISK 1 billion the year before. The year-to-year turnaround is, therefore, around ISK 1.4 billion.

This result is in line with management’s expectations, and this is the first time since 2017 that Valitor has returned a profit on an annual basis. Efforts have been made to streamline and simplify the Company’s operations in recent years, integrate the primary system and increase efficiency.

Valitor’s total revenue amounted to ISK 14.3 billion and increased by 2.5% between years. The Company’s total operating expenses decreased by almost ISK 1.2 billion between years. Wage costs were reduced by ISK 350 million, and other operating expenses and depreciation decreased by ISK 850 million.

Valitor is a debt-free company, and its equity amounted to ISK 7.7 billion at the end of the year. The Company will continue to focus on operational efficiency and build strong business relationships with customers and partners.

On July 1st, 2021, Arion Bank, the primary owner of Valitor, reached an agreement on the sale of Valitor to the financial technology company Rapyd. However, the sale is awaiting approval from the Icelandic Financial Supervisory Authority and the Competition Authority.

Herdís Dröfn Fjeldsted, CEO of Valitor:

“It is indulging to see the results of the measures of austerity and improvement that we have had to undertake in recent years, which are reflected in Valitor’s improved results. These measures have affected both management and employees. At the same time, the Company has dealt with the pandemic’s effects on its operations. Challenges lie ahead, including increased digital defence, upgrading technical equipment, and further growth in parallel with an improved product range. With improved operations, we are better equipped to meet those challenges, and we look forward to the year 2022, full of anticipation with our powerful staff. “