Hvalur hf. reported a loss of ISK 224 million in its most recent financial year, which covered the period from 1 October 2023 to 30 September 2024. This marks a significant turnaround from the previous year, when the company posted a profit of nearly ISK 3.5 billion. The last time the company reported a loss was in 2010.
According to the company’s annual report, on 23 October of last year, Hvalur signed an agreement with the municipality of Hafnarfjörður for residential development on its property at Óseyrarbraut 13. Under the agreement, Hvalur is to pay the municipality building rights fees and street construction fees.
The planned development includes approximately 190 residential units, covering up to 18,000 square metres of residential space. Hvalur’s financial commitment to the project is estimated at around ISK 1.2 billion.
Hvalur and the owners of two adjacent plots have entered into an agreement to consolidate their lots, with the intention of jointly seeking a buyer interested in developing the combined property.
Source: Vb.is
