Insights / News

Ten times turnover and a bright future

Controlant holds AGM and publishes results for 2021.

Photo from the Controlant Annual General Meeting 2021: Gudmundur Arnason Controlant’s CFO, Asthildur Otharsdottir chairman of the board of Controlant and Gisli Herjolfsson Controlant’s CEO.

Controlant holds AGM and publishes results for 2021:

  • Controlant’s revenues increased tenfold in 2021 and amounted to $68.3 million
  • EBITDA was $24.3 million
  • Controlant continues to play an instrumental role in the distribution of Covid vaccines worldwide
  • Strategic research and development continues to create growth opportunities
  • Increased interest from international investors
  • Board of Directors re-elected

Controlant’s Annual General meeting was held yesterday where Controlant´s management presented financial results for 2021 and the outlook going forward. The outlook is positive and financial position is strong.

Controlant’s revenue increased tenfold in 2021, amounting to over $68 million. With an operating profit (EBITDA) of $24.3 million and net profit amounting to $10.6 million, this marks a significant turnaround from 2020s operating loss of $10.2 million.

Employee numbers continue to rise with 225 joining in 2021, Controlant now employs over 370 people in more than 10 countries with over 300 of those at the Icelandic head office. Controlant also has operations in the United States, the Netherlands, and Poland.

The strong growth has been driven by contracts with pharmaceutical company Pfizer who continue to use Controlant solutions in the distribution of Covid vaccines worldwide, with over 3.5 billion doses of the Pfizer vaccine successfully delivered last year.

Controlant has become a trusted partner of several of the world’s largest pharmaceutical companies, entering into long-term agreements with many. Those agreements, along with an expanding range of products and services, will support Controlant’s continued growth and development in years to come.

Controlant also serves companies from other industries, such as logistics and food.


At the annual general meeting, Controlant´s management presented the continued development of the company’s solutions and services, which are the result of extensive investments on R&D in recent years, with around 15% of turnover or $11 million invested in 2021. Innovation, paired with a clear vision of how to transform supply chains through automation and increased visibility is the foundation of Controlant´s future growth, leading ultimately to improved efficiency and reduced waste. This has already started to show and Controlant expects to double its revenue in 2022.

Gisli Herjolfsson, CEO and co-founder of Controlant:  

“Controlant has made the best of conditions of recent years and has significantly strengthened its competitive position. We enjoy great trust from our customers, who have called for more services and closer cooperation. Undertaking new projects which increase automation, reduce waste, as well as enabling and improving data connectivity between different systems and parties. As a result, we have stepped further into our customers’ value chains and processes, creating great opportunities for ongoing development and growth in the coming years.”


At the meeting, the management of Controlant detailed a strong financial position and positive outlook. The company is backed by a broad group of domestic and international investors. The number of shareholders increased by 100 in 2021 and is now around 250.

Ásthildur Otharsdóttir, Chairman of the Board of Directors, disclosed increased incoming interest from international investment funds. The board and management are of the opinion that expanding the shareholder base with a strategic partner would support Controlant’s future growth and thus create future value for all shareholders. The company’s board will continue to evaluate the options.

Controlant’s Board of Directors was re-elected at the Annual General Meeting. Asthildur Otharsdottir is Chairman of the Board, with other board members Frosti Olafsson, Kristin Fridgeirsdottir, Jorgen Rugholm and Trausti Thormundsson.