Jetpak Top Holding AB (publ):Interim Report 1 January – 30 September 2021

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Third quarter: 1 July – 30 September 2021


  • Total revenue increased by 14,8 % to 250 428 (218 135) TSEK
  • Organic growth amounted to 15,1 % (-8,4 %)
  • Gross margin amounted to 30,5 % (31,0 %)
  • Operating profit amounted to 24 413 (22 905) TSEK
  • Adjusted EBITA amounted to 24 413 (23 613) TSEK
  • Net income amounted to 16 379 (15 110) TSEK
  • Basic earnings per share amounted to 1,36 (1,26) SEK
  • Diluted earnings per share amounted to 1,36 (1,24) SEK
  • Cash flow from operations amounted to 34 910 (21 551) TSEK
  • Cash and cash equivalents amounted to 112 425 (54 257) TSEK
  • Net debt in relation to adjusted EBITDA R12: 1,2 (1,8)


Interim period: 1 January – 30 September 2021


  • Total revenue increased by 14,5 % to 757 296 (661 119) TSEK
  • Organic growth amounted to 15,5 % (-10,3 %)
  • Gross margin amounted to 30,2 % (30,5 %)
  • Operating profit amounted to 71 053 (46 022) TSEK
  • Adjusted EBITA amounted to 71 053 (48 146) TSEK
  • Net income amounted to 47 385 (27 675) TSEK
  • Basic earnings per share amounted to 3,95 (2,31) SEK
  • Diluted earnings per share amounted to 3,92 (2,28) SEK
  • Cash flow from operations amounted to 57 528 (51 330) TSEK


CEO comments

Jetpak had a satisfactory third quarter with a revenue of 250 428 TSEK, equal to a currency adjusted organic growth of 15,1 %. The operating profit and adjusted EBITA for the period amounted to 24 413 TSEK, corresponding to an operating margin of 9,7 %. This quarter’s profit was affected by provisions for the long-term incentive program amounting to 2 154 TSEK, thus affecting the quarter’s operating profit by 0,9 percentage points.

The Express Air segment growth amounted to 18,1 %, especially driven by logistic accounts and slightly improved service offering. Continued supply chain disruptions provided some volume and demand fluctuations on the Air segment during the quarter. In addition, the semiconductor supply shortage impacted some industries negatively, for instance the automotive industry, which affected the revenues from those accounts. Increasing demand from logistic customers however more than counterbalanced the negative impact from global supply chain disruptions.

The gross margin for the Express Air segment amounted to 41,3 %, which was 1,5 percentage points lower than last year, driven by changes in customer and product mix.

Our market position within the Air segment remained stable during the quarter, even though we experienced a slightly changed competition in tendering processes for systemized services. We maintained a continued strong position for our Air ad-hoc services.

The Express Road segment grew by 12,2 %, as the segment continued to benefit from increasing revenue from existing large distribution accounts focusing on the B2B segment, as well as B2C home deliveries. Furthermore, new pipeline was realized for future growth.

The gross margin for the Express Road segment increased marginally up to 19,2 %.
The price competition within the Road segment continued, especially on courier logistic services driven by increasing e-commerce B2C volumes. Nevertheless, Jetpak managed to maintain our current market position thanks to our niche focus and high delivery quality.

Distribution of covid-19 vaccines in Norway continued during the quarter and provided a decent revenue contribution, as well as it continued to strengthen Jetpak’s image as a reliable supplier. Continued revenue potential is expected during coming months, even though it will be highly dependent on Authority decisions regarding booster injections of covid-19 vaccine, something which is also valid for vaccine cycles for the coming years.

Supplier renegotiations continued during the quarter with the ambition of enhancing our competitiveness and enable further growth within both our segments.

Our current commercial activities related to European Express network is ramping up. Necessary IT functionality and agent network has been established, but future growth is highly depending on participation from additional airlines, which is a challenge due to their current financial situation and focus on their own passenger core business.   

During the quarter Jetpak’s board and management conducted the yearly review of strategy and strategic focus areas. At our review we identified and prioritized the most important areas for 2022 , in addition to our current commercial initiatives on Nordic Courier Express and Jetpak Express Europe. These areas include for instance a commercial drive on developing high-end temperature-controlled solutions for Norway and Sweden. Pricing agility will also be a prioritized area, with the introduction of an automated pricing cockpit ensuring cost efficiency as well as a more dynamic pricing approach.

We will continue to build further competence and efficiency in our organization as we will focus on process optimization and automation. This will be an important prerequisite to ensure realization of our strategic focus areas and expected future benefits.

We will prioritize our continued work with sustainability within the UN Global Compact framework. We have established train distribution via VR-Group, the State-owned railroad company in Finland and we have currently almost 100 daily train routes bookable in our production system JENA - as an alternative to our already existing air and road network.
We continue our journey towards becoming CO2-neutral, as we are introducing HVO fuel in our road network, as well as constantly exploring more efficient distribution models.

During the coming quarters we expect a steady low level air capacity growth thanks to the removal of travel restrictions, even though potential increasing infection rates provide some uncertainty. We do not anticipate pre-pandemic capacity within the coming quarters as business and leisure travel still is far from normalized.

Our performance for the quarter was in line with our expectations and we reconfirm our long-term financial target of at least 5% of annual organic growth over a business cycle.
We also maintain the target of 12% of adjusted EBITA margin, which will be balanced with our ambition of continuously increasing the operating profit in absolute terms.

Kenneth Marx

Chief Executive Officer



Conference call

At 10:00 CET today, Kenneth Marx, CEO and Håkan Mattisson, CFO, will be presenting Jetpak's result for the quarter.
The presentation will be held in English.

Please use one of the phone numbers listed below to join the conference call:

Sweden:  +46 (0) 20 089 6388
Norway:  +47 2 156 3319                           
Denmark:  +45 3272 9274 
Finland:  +358 9 2319 5436                      
Germany:  +49 (0) 30 3001 90613     
Belgium:  +32 (0) 2 792 0435                    
Netherlands:  +31 (0) 20 708 5074
USA:  +1 646 843 4609
UK:  +44 (0) 33 0551 0211

PIN code (same code for all the above numbers): 1621582#

Please make sure you are connected to the conference call by calling in circa 5 minutes before the conference begins.


The company’s certified advisor is FNCA Sweden AB, e-mail:, telephone:+46(0) 8 5280 03 99.

The information was submitted for publication, through the contact person mentioned below, on 25 November 2021 at 06:30 CET.
This constitutes information that Jetpak Top Holding AB (publ) is required to publish under the EU Market Abuse Regulation.

Kenneth Marx, CEO
Phone: +46 (0) 73 368 54 00

About Jetpak

Jetpak is the simplest and fastest option for prioritized door-to-door deliveries.
We offer solutions for both spontaneous transport needs and customized logistics.
Jetpak is represented in more than 170 locations around the Nordic region and Europe.
The Jetpak Top Holding AB share is listed on the Nasdaq First North Premier Growth Market.
The share is traded with the ISIN code SE0012012508 under the short name JETPAK.
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