CEO's Address
The year 2024 was an eventful one in the operations and activities of the Westfjords Health Institute – as has often been the case before. Operating healthcare institutions is always a challenging task, and HVest is no exception. We ended the year with a slight deficit, which can mainly be attributed to the costs of operating nursing homes.
Staffing experts has been a significant challenge, but we have worked hard to find solutions that ensure stability in human resources matters. We continue on that journey unwaveringly.
We are very pleased that HVest received the highest rating to date in the survey for the organization of the year. It is a clear confirmation of the good work that our strong and professional staff does. Despite the challenges, the operations are characterized by professionalism and positivity.
We have had a good and successful collaboration with the State Public Works Department regarding maintenance projects and improvements to the agency's premises. These projects will continue in the new year and contribute to improved working conditions and services.
A new organizational chart then took effect on January 1, 2025. This simplified the organization's administrative structure and increased efficiency, especially in terms of professional and operational responsibilities.
HWest's mission is clear: to provide excellent healthcare in our region, where our values – respect, collaboration, trust and positivity – are the guiding principles in all our work.
The community in the Westfjords has shown us great and valuable support, which is invaluable to the institution. For that I would like to thank you sincerely. I would also like to express my deepest gratitude to the staff of HVest for their invaluable work and great professionalism. It is our goal to make HVest a desirable and good place to work.
For me personally, it was a turning point when I was appointed Director of the organization on March 1, 2024. I would like to thank the warm welcome and goodwill from the staff and the community as a whole. It is a true pleasure for me to work and live in this strong and cohesive Westfjords community – and I look forward to continued collaboration in the years to come.
Best regards,
Lúdvík Þorgeirsson
Director of the Westfjords Health Institute
Annual Accounts 2024
Expenses increased between years by 495 million ISK or 12.4%. Income increased less or by 355 million ISK or 9%. Inflation in 2024 was 6% on average. The weight of wage costs was 70%, the same as the previous year, and wage costs increased by 273 million ISK between years or 9.7%. The average number of full-time equivalents was 224. The weight of other operating expenses was 30% and increased by 213 million ISK or 18.9%. The increase can be attributed primarily to an increase in specific product purchases as well as housing and travel costs due to replacements and expert services. Depreciation increases by 8 million ISK or 23.3%. The weight of services sold was 6.4%, an increase of 47 million ISK or 19.1% between years. The increase can be attributed to specialist services, accommodation fees and various service income. –ES
| Income | 2024 | 2023 |
| Revenue transfer of budgets | 4.042.093.245 | 3.737.781.712 |
| Sold services | 282.099.453 | 234.628.856 |
| Donations and miscellaneous income | 23.209.651 | 28.701.457 |
| Interest income, inflation adjustments and exchange rate gains | 101.602 | 106.721 |
| Income recognition of deferred income of previous years | 43.570.424 | 35.347.438 |
| Total income | 4.391.076.399 | 4.036.566.184 |
| Fees | ||
| Salaries, salary-related expenses and personnel costs | 3.087.084.595 | 2.813.279.179 |
| Other operating expenses | 1.342.242.165 | 1.129.280.034 |
| Interest expenses, inflation adjustments and exchange rate losses | 48.961 | 40.336 |
| Depreciation and write-downs | 43.570.424 | 35.347.438 |
| Total charges | 4.472.946.145 | 3.977.946.987 |
| The result of the year | -81.869.746 | 58.619.197 |
Bergljót Pálmadóttir, farewell and thanks for the good work.
In 2024, one employee retired due to age. Bergljót Pálmadóttir has been one of the faces of the organization for many years. We have been very fortunate to have enjoyed her work all these years and thank her very much for her work well done for the benefit of the organization and its clients.
Executive Committee 2024
Updated 28. May 2025 (LÞ)