Kjarval ehf. — members' club research (financials, building permits, ownership)
kjarval-research.md
For the full content of this gist, refer to https://gist.github.com/jokull/bbfb2558c6fffcd3141e38d1fc8ef97d
Jökull Sólberg Auðunsson@jokull
kjarval-research.md
For the full content of this gist, refer to https://gist.github.com/jokull/bbfb2558c6fffcd3141e38d1fc8ef97d
Private members' club & coworking at Austurstræti 10A/12, 101 Reykjavík. Opened 2019. Part of Sonato reciprocal club network (100+ partner clubs worldwide).
| Shareholder | Stake | Shares |
|---|---|---|
| GO loyalty solutions ehf. | 60% | 375,000 |
| M9 ehf. | 20% | 125,000 |
| G 47 ehf. | 20% | 125,000 |
GO loyalty solutions is 50/50 owned by Hálfdán Steinþórsson and Alexander Arons Gylfason.
| 2024 | 2023 | Δ | |
|---|---|---|---|
| Revenue | 637,877,229 | 574,856,480 | +11% |
| Operating profit | 48,110,551 | 80,956,338 | -41% |
| Net profit | 33,869,413 | 61,198,202 | -45% |
| Total assets | 273,964,644 | 239,905,421 | +14% |
| Equity | 131,592,520 | 97,723,107 | +35% |
| Equity ratio | 48.0% | 40.7% | |
| Employees (FTE) | 16 | 17 | |
| Capex | 113,391,393 | 44,409,662 | +155% |
| Cash | 13,979,846 | 43,465,709 | -68% |
Revenue grew 11% but profits nearly halved — driven by +44% jump in other operating costs and +59% depreciation from expansion capex. No dividend proposed.
Massive 113M ISK capex in fixtures/equipment in 2024. Took 20M new loan. Cash dropped from 43.5M to 14.0M despite 89.4M operating cash flow.
Two different landlords for the two adjacent buildings Kjarval spans.
| Date | Case | Description | Status |
|---|---|---|---|
| 2026-01-20 | USK25100341 | Deiliskipulag change: glass enclosure on 5th floor north balcony, balconies on 2nd-4th floor south side, window/door changes ground floor. Applicant: H.G.G. Fasteign. Architect: Form ráðgjöf. | ✅ Approved |
| 2024-10-31 | USK24090156 | Interior layout + facade changes on 2nd floor | ✅ No objections |
| 2024-04-16 | USK23120176 | Interior changes 3rd floor, shared bathrooms with 4th floor | ✅ Approved |
| 2019-05-14 | BN055970 | Interior changes 4th/5th floor (Kjarval buildout) | ✅ Approved |
| 2018-11-06 | BN055273 | Convert 5th floor from apartment to office/closed club, open connection to nr. 12, balconies, glass enclosure | ✅ Approved |
| Date | Case | Description | Status |
|---|---|---|---|
| 2023-07-13 | USK23060005 | Reitir inquiry: convert upper floors of 12-14 to apartments (THG architects) | ✅ Approved |
| 2021-08-24 | BN059742 | Reitir-skrifstofur: new street entrance for The English Pub (ground floor) | ✅ Approved |
| Date | Case | Description | Status |
|---|---|---|---|
| 2025-08-12 | USK23030004 | Basement: lower floor 60cm, fit out bar/seating/restrooms, change entrance + glazing south side | ⏸️ Deferred (since 2023) |
| 2024-05-28 | USK24040087 | Upgrade venue from Class II to Class III (full bar license), interior changes basement + ground floor | ✅ Approved |
2024 was an expansion year — 113M ISK capex, mostly fixtures/equipment. The Jan 2026 deiliskipulag approval confirms outdoor space additions (south balconies floors 2-4, enclosed north terrace floor 5).
Reitir's apartment conversion inquiry (USK23060005) for upper floors of 12-14 was approved in July 2023. Could affect Kjarval's footprint in nr. 12 if those floors convert to residential.
Basement bar at 12A stuck in permitting since March 2023 — repeatedly deferred. Would give Kjarval a dedicated below-grade bar/lounge. Class III license already approved separately.
Revenue trajectory: ~223M (2020) → ~399M (2021) → ~575M (2023) → ~638M (2024). Strong growth but decelerating. Operating margins compressed from 14.1% to 7.5% in 2024.