Magazine reveals Iceland’s biggest companies

The biggest company in Iceland by turnover at the end of last year was Bakkavor Group, according to a new list of the 300 biggest companies in the country by business magazine Fjals Verslun. The three biggest companies were the same three as the year before.

There has been little change to the list of biggest companies in Iceland between 2009 and the end of 2010. The international food producer Bakkavor Group is the biggest, with turnover of around ISK 293 billion (EUR 1.85 billion) last year. The next biggest was generic drugs manufacturer Actavis, with ISK 273 billion turnover and the third biggest was seafood company Icelandic Group, on ISK 153 billion. These three were also the three biggest at year end 2009.

The biggest change near the top of the list is that aluminium producer Alcoa Fjardaal moved from 12th biggest up to seventh, with 27 percent higher turnover between years, RUV reports.

Several companies further down the list made massive strides in 2010 — a good example being the IT company Skyrr which jumped from 125th to 31st on the list, having increased turnover eightfold in one year. The jump is partly explained by Skyrr’s merger with rival EJS.

The Frjals Verslun list also investigates wages and reveals that seven of the ten best payers in Iceland last year were in the fisheries industry. Of those, the Hafnarfjordur company Stalskip comes top with average wages to each employee in the entire company standing at an impressive ISK 21 million (EUR 132,540) per year.

Interestingly it is Iceland’s three biggest banks (Islandsbanki, Landsbanki and Arion Banki) which reported the country’s highest profits and are followed on the list by two energy companies: Landsvirkjun and the debt-crisis-ridden Reykjavik Energy.

Bakkavor Group is the country’s biggest employer, providing work to 18,000 people and second place employer Actavis has 10,600 employees. That is around 3,000 more than the City of Reykjavik, which comes third.