Iceland's national broadcaster RUV announced Sunday that businesswoman Halla Tomasdottir will become Iceland's new president.
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Tomasdottir led her rivals with 34.3 percent of the vote, followed by former prime minister Katrín Jakobsdottir, who came second with 25.2 percent, according to official figures.
Jakobsdottir had reportedly congratulated Tomasdottir when she spoke to the RUV during her election party.
The president's role is largely ceremonial in Iceland, although he or she has the power to veto laws and to call a referendum in certain situations.
In Iceland's presidential elections, the candidate who wins the most votes is elected.
The turnout at the polls in Saturday's election was among the highest since 1996 at 78.93%.