Top 8 Biggest Companies in Iceland

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The biggest companies in Iceland are involved in the country's primary industries, such as fishing, aluminum production, and renewable energy. This is due to ... read more...

  1. Top 1

    Marel

    Marel is a multinational food processing firm created in 1983 by Rögnvaldur Lafsson, Jón ór Lafsson, Pétur Jónsson, and Tómas Rkarsson. The firm specializes in developing and supplying equipment, systems, software, and services to the poultry, meat, and fish processing industry sectors. It is currently one of the major producers of food processing equipment for primary, secondary, and tertiary processing.


    Marel offers a range of equipment, software, and services for the processing and distribution of poultry, fish, and meat. Their poultry processing division provides advanced integrated systems for slaughtering broilers, turkeys, and ducks while their Fish Processing sector supplies equipment and systems for farmed and wild salmon and whitefish. Marel's Meat Processing division focuses on providing equipment and systems for operations such as slaughtering, deboning, trimming, case-ready food services, and bacon processing. Additionally, Marel offers wastewater treatment equipment to the food sector, along with packing and logistics goods.


    Marel is the biggest company in Iceland, with a market capitalization of $3.03 billion. According to Marel's most recent financial filings, the company's current revenue (TTM) is $1.79 billion. In 2021, the company's revenue was $1.58 billion, up from $1.43 billion in 2020. The firm employs roughly 6,000 staff members in offices and subsidiaries in over 30 locations across six continents.


    Founded: March 17, 1983
    Headquarters: Garðabær, Iceland
    Website: https://marel.com

    Screenshot via marel.com
    Screenshot via marel.com
    Video by Marel Poultry

  2. Top 2

    Alvotech

    Róbert Wessman founded Alvotech on January 1, 2013, in Reykjavik, Gullbringusysla, Iceland with the purpose of enhancing patients' health and quality of life throughout the world by extending access to effective medicines for a variety of conditions. It is a fully integrated specialty biopharmaceutical firm dedicated solely to the discovery and production of high-quality biosimilar medicines.


    Biosimilars are medical products that are highly similar to an already approved biological medicine, known as the reference product. As a pharmaceutical company that develops and manufactures biosimilar drugs, Alvotech's focus is on developing high-quality biosimilar drugs that are more affordable and accessible to patients in need of treatment for various conditions such as arthritis, cancer, and diabetes. The company has a strong pipeline of biosimilar drugs and aims to improve patient access to life-saving medicines globally.


    As of April 2023, Alvotech has a market cap of $2.63 Billion, making it the second-biggest company in Iceland. The latest financial reports show that the company's current revenue (TTM) is $77.67 million. In 2021, Alvotech generated revenue of $36.77 million, which is a decrease compared to the previous year's revenue of $66.61 million. Currently, the company operates in five locations and employs approximately 1000 people.


    Founded: Jan 1, 2013
    Headquarters: Reykjavik, Iceland
    Website: https://alvotech.com

    Screenshot via alvotech.com
    Screenshot via alvotech.com
    Video by Alvotech
  3. Top 3

    Össur

    Össur was founded in Iceland in 1971 by a prosthetist named Össur Kristinsson. Initially serving mainly the native Icelandic market, the company began exporting in 1986 and developed swiftly via a series of smart acquisitions. The company develops, manufactures, and sells non-invasive equipment for orthopedics. The World Economic Forum titled the company a "technology pioneer" in 2006, and it is a signatory to the UN Global Compact, UN Women's Empowerment Principles, contributes to the UN Sustainable Development Goals, and will be carbon neutral in 2021.


    Össur operates in three markets: bracing and support, compression therapy, and prosthetics which include bionics technology. It makes a range of braces and support equipment for the arms, legs, and torso. One of its main products - Unloader One is a brace that provides mechanical support to relieve knee discomfort caused by osteoarthritis. It is intended to separate bones when ligaments and cartilage are compromised and to avoid future joint injury. The company also manufactures the CTi (formerly known as the CTi2), a knee ligament brace used for both rehabilitation and injury prevention, as well as cervical collars.


    Össur is the second-biggest company in Iceland. As of April 2023, Össur has a market cap of $1.89 Billion. According to Össur's latest financial reports, the company's current revenue (TTM) is $0.71 B. In 2021 the company made a revenue of $0.71 B an increase over the year 2020 revenue that was of $0.62 B. Now, Össur has operations in more than 30 countries worldwide and employs around 4000 employees.


    Founded: 1971
    Headquarters: Reykjavík, Iceland
    Website: https://ossur.com

    Screenshot via ossur.com
    Screenshot via ossur.com
    Video by Össur Academy
  4. Top 4

    Arion Banki

    Arion Banki, formerly Nýja Kaupþing hf or New Kaupthing, has roots tracing back to 1930. On 20 November 2009, the bank was rebranded and renamed Arion Banki. The bank has branches throughout the Greater Reykjavik region of Iceland as well as the country's major cities. Arion Banki now has 21 locations around the country and more than 100,000 clients.


    Being a renowned Icelandic bank, Arion Banki provides comprehensive financial services to businesses, institutional investors, and individuals. Corporate and retail banking, investment banking, capital markets services, treasury services, asset management, and complete wealth management for private banking customers are among the services provided. The bank also develops various service channels such as the Arion app and online banking, which help their customers to do nearly all of their banking online. Moreover, the bank is also supporting financing projects which relate to sustainable development and green infrastructure to help make a better future for all.


    As of April 2023, Arion Banki is the fourth-largest company in Iceland with a market cap of $1.41 Billion. According to Arion Banki's latest financial reports, the company's current revenue (TTM) is $0.41 B. The company's revenue in 2021 was $0.45 billion, an increase from $0.37 billion in 2020. At the end of 2020, the company has 776 people working at its 21 locations.


    Founded: 1930
    Headquarters: Reykjavík, Iceland
    Website: https://arionbanki.is

    Screenshot via arionbanki.is
    Screenshot via arionbanki.is
    Video by Arion banki
  5. Top 5

    Brim hf.

    Brim hf., originally HB Grandi (until 2019) is a fishing and fish processing company in Iceland. Now, it is a publicly-traded company on the Main Market of NASDAQ OMX Iceland, having over 2.700 shareholders. In 2013 the company was awarded the Icelandic Presidential export award.


    Currently, the company operates three freezing vessels, four wet fish trawlers, and three pelagic vessels, as well as fish processing factories in Reykjavik, Akranes, and Vopnafjörur. Brim hf. sells items manufactured from groundfish and pelagic fish captured and processed by the firm all over the world. The company claims to take part in shaping the future of a sustainable fisheries sector, based on innovation, technological development, and sustainability. Its mission is to increase value creation in the fisheries sector in harmony with society and the environment.


    As of April 2023, Brim hf. has a market cap of $1.13 Billion and is the fifth-biggest company in Iceland. According to Brim hf.'s latest financial reports, the company's current revenue (TTM) is $0.47 B. In 2021 the company made a revenue of $0.45 B an increase over the year 2020 revenue that was of $0.34 B. The company now employs over 900 people.


    Founded: November 17, 1985
    Headquarters: Reykjavík, Iceland
    Website: https://brim.is

    Screenshot via brim.is
    Screenshot via brim.is
    Video by Marel Fish
  6. Top 6

    Síminn hf.

    Síminn hf. is the largest telecommunications company in Iceland, offering a wide range of services including mobile and fixed-line phone service, internet, television, and cloud solutions for businesses. The company was founded in 1906 and has been a major player in the Icelandic telecommunications market ever since. Now, 99% of Iceland's population is using Síminn's 5G/4G/3G/2G mobile network, and the company has been the largest wireless carrier in Iceland with a market share of 34,5% since 2018.


    Síminn hf. offers high-speed communication services to both residential and business customers, including Mobile (2G/3G/4G/5G), Landline (VoIP/POTS), Internet (ADSL/VDSL/FTTH), and IPTV services. In addition to its core telecommunications services, Síminn has expanded into new areas such as cloud computing and security services. The company is committed to investing in innovative technology and staying at the forefront of the telecommunications industry.


    As of April 2023, Síminn hf. has a market cap of $0.56 Billion, making it the next biggest company in Iceland on this list. According to Síminn hf.'s latest financial reports, the company's current revenue (TTM) is $0.17 B. In 2021 the company made a revenue of $0.18 B a decrease over the year 2020 revenue that was of $0.21 B. The company now has more than 300 employees.


    Founded: 1906
    Headquarters: Reykjavík, Iceland
    Website: https://siminn.is

    Screenshot via siminn.is
    Screenshot via siminn.is
    Video by Síminn
  7. Top 7

    Icelandair

    The seventh-biggest company in Iceland is Icelandair - the flag carrier airline of Iceland that connects Iceland with the rest of the world and provides travelers with a comfortable and convenient way to reach their destinations. The company was founded in 1937, and operates scheduled flights to various destinations in Europe, North America, and Asia, with a focus on connecting passengers between North America and Europe through its hub at Keflavík International Airport.


    Icelandair offers three cabin classes: Economy, Economy Comfort, and Saga Class (business class). The airline also provides in-flight entertainment and Wi-Fi internet access on most of its aircraft. In addition to its passenger services, Icelandair also offers cargo transport and aircraft leasing services. The company also has a strong commitment to sustainability and has implemented various initiatives to reduce its environmental impact.


    As of April 2023, Icelandair has a market cap of $0.54 Billion. According to Icelandair's latest financial reports, the company's current revenue (TTM) is $1.26 B. In 2021 the company made a revenue of $0.57 B an increase over the year 2020 revenue that was of $0.42 B. As of 2022, the company employs over 3000 staff working in all of its airports.


    Founded: 3 June 1937
    Headquarters: Reykjavík Airport, Reykjavík, Iceland
    Website: https://icelandair.com

    Screenshot via icelandair.com
    Screenshot via icelandair.com
    Video by Icelandair
  8. Top 8

    Arnarlax (Icelandic Salmon)

    Arnarlax (Icelandic Salmon) was formed in 2009 by a group of people, largely with origins and links in Bldudalur, who sought to help reverse the village's long-term decline. Now, It is the biggest salmon farming company in Iceland and the 8th-biggest company in this country. The company is famous for producing high-quality Atlantic salmon in the Bíldudalur region of Iceland. Arnarlax is currently primarily controlled by the Norwegian salmon company SalMar, and it intends to significantly increase output in the next years. Arnarlax exports its salmon to markets around the world, including Europe, North America, and Asia. The company has won multiple awards for its high-quality products and commitment to sustainability. In 2021, the company has been awarded the all-important British Retail Consortium (BRC) food safety certification.


    Arnarlax's fish farms are located in the pristine waters of the Westfjords region of Iceland, which provides ideal conditions for raising healthy and sustainable salmon. The company uses state-of-the-art technology to ensure the welfare of its fish and minimize its environmental impact. In addition to its commitment to sustainability, Arnarlax is known for producing salmon of exceptional quality. Its salmon is free of antibiotics and growth hormones and is raised on a diet of sustainably sourced ingredients.


    As of April 2023, Arnarlax has a market cap of $0.47 Billion. This makes Arnarlax the last company on this list of biggest companies in Iceland. According to Arnarlax's latest financial reports, the company's current revenue (TTM) is $0.10 B. In 2021 the company made a revenue of $0.10 B an increase over the year 2020 revenue that was of $76.06 M. The company had around 120 employees as of September 2021.


    Founded: 2009
    Headquarters: Bíldudalur, Iceland.
    Website: https://arnarlax.is

    Screenshot via arnarlax.is
    Screenshot via arnarlax.is
    Video by Arnarlax



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