Icelandair Group
This article needs additional citations for verification. (September 2009) |
chairman) | |
Revenue | US$1.26 billion (2022)[1] |
---|---|
US$18.9 million (2022)[1] | |
US$−5.8 million (2022)[1] | |
Total assets | US$1.41 billion (2022)[1] |
Total equity | US$273 million (2022)[1] |
Number of employees | 3,045 (2022)[2] |
Website | icelandairgroup |
Icelandair Group hf. is an Icelandic travel industry corporation, the owner and holding company of the airline Icelandair and several other travel industry companies in Iceland. The group's headquarters are at Reykjavík Airport in Reykjavík.[3] The corporation is the largest in Iceland, with 125 billion ISK in revenue in 2013.[4]
Operations
Icelandair Group focuses on the international airline and tourism sectors, with Iceland as the cornerstone of its international route network. The business concept of the group is built exclusively on Icelandair's route network and on marketing Iceland as a year-round destination.
During 2013 the group employed an average of 2,850 full-time employees. 1,387 of those were employed by Icelandair. The number of employees had been rising steadily from 2,028 in 2010.[5]
Icelandair Group is the parent company of nine subsidiaries that form the two business segments of Route Network and Tourism Services.
History
Icelandair Group traces its roots to 1937 when the airline Flugfélag Akureyrar, was founded at
In 1944 another Icelandic airline was founded, Loftleiðir, by three young pilots returning from flight training in Canada.[9] Initially, both companies concentrated on Icelandic domestic air services but then began international flights between Iceland and other countries. In 1953 Loftleiðir pioneered low-fare services across the North Atlantic and became quite successful for the greater part of two decades.[10][11]
In 1973, however, it was agreed to merge both Air Iceland and Loftleiðir under a new holding company,
In January 2003 Flugleiðir became a holding company with 11 subsidiaries in the travel and tourist industry in Iceland with Icelandair being the largest subsidiary. In 2005 the name Flugleiðir was changed to
The next year FL Group landed in dire financial straits and then Icelandair Group was hit by the
On 5 November 2018, Icelandair Group announced that it had made a purchase agreement to acquire all shares of competitor
Most of the shareholders of Icelandair Group are pension and investment funds in Iceland. The Pension Fund of Commerce is the biggest shareholder,[21] with 14.36% of shares at the end of 2013. About 22% of the shares are held by small shareholders with less than 0.70% of the shares each.[22]
Subsidiaries
The subsidiaries of Icelandair Group:[23]
- Icelandair
- Icelandair Cargo
Defunct subsidiaries include:
- Air Iceland Connect
- Loftleidir Icelandic
- VITA[24]
References
- ^ a b c d e "Key Figures 2022". Icelandair Group. Retrieved 17 September 2023.
- ^ "Annual Report 2022". Icelandair Group. Retrieved 17 September 2023.
- ^ "Location Archived 2009-06-21 at the Wayback Machine." Icelandair Group. Retrieved on 28 December 2009.
- ^ "Icelandair Group stærsta fyrirtæki landsins". DV. Retrieved 21 April 2015.
- ^ "Annual Report 2013". oddi.is. Retrieved 21 April 2015.
- ^ "Icelandair and Air Greenland to increase network cooperation; more work needed?". CAPA - Centre for Aviation. Retrieved 2023-03-06.
- ^ "Er eini núlifandi stofnandi Flugfélags Akureyrar". mbl.is. Retrieved 21 April 2015.
- ^ Icelandair#History
- ^ Loftleiðir
- ^ "Our History". loftleidir.com. Retrieved 21 April 2015.
- ^ Jay (16 April 2010). "The Narcissist's Cookbook". awaywardsaint.blogspot.com. Retrieved 21 April 2015.
- ^ Administrator. "ÁGRIP AF SÖGU ATVINNUFLUGS Á ÍSLANDI". flugsafn.is. Retrieved 21 April 2015.
- ^ "Icelandair". icelandair.de. Retrieved 21 April 2015.
- ^ "History". icelandairgroup.com. Retrieved 21 April 2015.
- ^ Jakob Wert (November 5, 2018). "Icelandair acquires WOW Air". International Flight Network. Retrieved November 5, 2018.
- ^ "Icelandair Group to take over budget rival Wow Air". Flightglobal.com. 2018-11-05. Retrieved 2018-11-05.
- ^ "Icelandair abandons takeover of Wow Air". ft.com. 2018-11-29. Archived from the original on 2022-12-11. Retrieved 2019-03-28.
- ^ Kaminski-Morrow, David (24 March 2019). "Icelandair Group pulls out of Wow Air discussions". FlightGlobal.
- ^ "Thousands stranded by Wow airline failure". BBC News. 28 March 2019.
- ^ "End of Operation of WOW AIR". Icelandic Transport Authority.
- ^ "The Pension Fund of Commerce". En.live.is. Retrieved 2016-08-31.
- ^ "Annual Report 2013". oddi.is. Retrieved 21 April 2015.
- ^ "Group Websites". icelandairgroup.com. Retrieved 21 April 2015.
- ^ "Businesses". icelandairgroup.com. Retrieved 21 April 2015.