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Jetpak Top Holding AB (publ): Interim Report 1 April – 30 June 2021

Second quarter: 1 April – 30 June 2021

· Total revenue increased by 26,0% to 256 438 (203 501) TSEK
· Organic growth amounted to 26,3 % (-19,5 %)
· Gross margin amounted to 30,5 % (29,4 %)
· Operating profit amounted to 24 792 (8 293) TSEK
· Adjusted EBITA amounted to 24 792 (9 709) TSEK
· Net income amounted to 16 587 (4 113) TSEK
· Basic earnings per share amounted to 1,38 (0,34) SEK
· Diluted earnings per share amounted to 1,35 (0,33) SEK
· Cash flow from operations amounted to 27 890 (32 251) TSEK
· Cash and cash equivalents amounted to 82 863 (57 693) TSEK
· Net debt in relation to adjusted EBITDA R12: 1,2 (1,9)

Half-year: 1 January – 30 June 2021

· Total revenue increased by 14,4% to 506 868 (442 984) TSEK
· Organic growth amounted to 16,0 % (-11,3 %)
· Gross margin amounted to 30,1 % (30,3 %)
· Operating profit amounted to 46 640 (23 115) TSEK
· Adjusted EBITA amounted to 46 640 (24 531) TSEK
· Net income amounted to 31 005 (12 564) TSEK
· Basic earnings per share amounted to 2,58 (1,05) SEK
· Diluted earnings per share amounted to 2,52 (1,02) SEK
· Cash flow from operations amounted to 22 618 (29 779) TSEK

CEO comments
Jetpak had a satisfactory second quarter of 2021 with an organic growth of 26,3 % and  revenue amounting to 256 438 TSEK. The Adjusted EBITA for the quarter amounted to
24 792 TSEK, which represented a significant profit increase versus last year’s corresponding profit level (9 709 TSEK). The adjusted EBITA margin for the second quarter was more than doubled and amounted to 9,7 % (4,8 %).

We had a strong growth in our Express Air segment with high 36,7%, compared with last year’s first fully covid-19 impacted second quarter. This year’s second quarter air capacity remained significantly below pre-pandemic levels, even though capacity increased compared with previous quarters. Increasing capacity combined with up trading and new accounts provided a strong growth compared with last year as well as previous quarters. 


Our Express Road segment had a continued strong growth of 18,3% as the segment benefitted from increasing revenue from existing large distribution accounts as well as new customers and continued distribution of vaccines in Norway.
The gross margin for the Express Air segment amounted to 42,9 %, which was slightly lower than last year and driven by minor changes in customer and product mix.
Gross margin for the Express Road segment increased marginally up to 18,2 % due to minor mix changes.
Our market position was slightly improved on our airfreight services, as increasing network and frequencies strengthened our competitive edge on ad-hoc products. During the quarter we experienced no significant competition changes on our systemized products.

Price competition in the road segment continued, especially on courier logistic services driven by increasing e-commerce B2C volumes. Jetpak focus on value-added courier express and logistic B2B services ensured less exposure to price competition and subsequently we maintained our current market position.


Distribution of covid-19 vaccines in Norway provided a steady revenue contribution, as well as strengthened our image as a supplier of high-quality logistic services. Continued revenue potential is expected dependent on need for further vaccine cycles during coming years.

Jetpak continued to maintain a strong cost focus during the second quarter, as temporary layoffs were phased out and replaced by permanent organizational adjustments. Our overhead cost ratio is expected to stabilize on the current level. Supplier renegotiations are currently being conducted, as we are striving at further enhancing margins and future competitiveness.


Our planned commercial initiatives within our Air and Road segments are progressing as planned. Our Jetpak express services are introduced in Europe, but our network expansion and participation from new airlines is still restrained by airline priorities due to their financial distress. Nordic Courier and distribution services are launched, and pipeline is currently being established in Scandinavia as well as Benelux.
During the second quarter we have continued our work with sustainability within the framework of UN Global Compact. A number of selected areas are prioritized with identified gaps and targets, which will be pursued during coming quarters.

During the coming quarters we expect a steady air capacity growth thanks to the removal of travel restrictions and the general introduction of “covid-19 passports”. We however do not expect pre-pandemic capacity within the coming quarters as business and leisure travel still is far from normalized. This will obviously have a strong correlation to our available capacity.


Our second quarter performance was in line with our expectations. Based on commercial activities and covid-19 pandemic recovery we remain confident in achieving our long-term targets of 5 % organic growth and an adjusted EBITA of 12% over a business cycle.
Kenneth Marx

Chief Executive Officer


Conference call
At 10 o’clock today (CET) Kenneth Marx, CEO and Håkan Mattisson, CFO, will be presenting Jetpak’s result for the quarter.
Please use this link to register for the conference call:

Please make sure you are connected to the conference call by calling in and register a few minutes before the conference begins.

The company’s certified advisor is FNCA Sweden AB, e-mail: info@fnca.se, telephone:+46(0) 8 52800399.

The information was submitted for publication, through the contact person mentioned below, on the 26[th] of August 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
e-mail: ir@jetpak.com
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.
Please visit: https://jetpakgroup.com