AMSTERDAM and OSLO, Norway, April 30, 2024 /PRNewswire/ -- MPC Energy Solutions ("MPCES", "Company") published its financial results for the first quarter of 2024 today.
An increase in proportionate energy output to 30.0 GWh (Q1 2023: 15.8 GWh) resulted in proportionate project revenues and EBITDA of USD 2.8 million and USD 1.8 million, respectively, up from USD 1.7 million and USD 0.7 million in the first quarter of 2023. The quarter also marks a significant milestone for the company, reporting a positive group EBITDA for the first time in history.
"The first quarter results demonstrate that we have done our homework," said Stefan H.A. Meichsner, Chief Financial Officer of MPCES. "As projected, the scalability of our business is becoming visible. Now that we have five power plants in operation, we see significant growth in energy output, revenues, profits, and cash flows from projects.
MPCES today owns and operates five power-producing assets across Latin America and the Caribbean with an aggregate capacity of around 79 MWp. 2024 is the first time the entire portfolio will be fully operational for a whole year. The Company expects revenues in 2024 to increase to USD 12 million and project EBITDA to grow to USD 8.5 million, nearly doubling the 2023 EBITDA.
"The cost cutting measures we started implementing in late 2023 bear fruit, with overhead expenses being 30% lower than in the same period a year ago. We report positive group-level EBITDA for the first time in our company's short history, and we are well on target to meet our 2024 objectives," Meichsner added.
Earlier this year, the Company commenced construction of a 65 MWp solar PV plant in Guatemala, its largest project to-date, which is expected to commence operations in mid-2025. This project alone is expected to generate revenues of more than USD 8 million per year at EBITDA margins above 80 percent once operational.
For Q1 2024, the MPCES Group reported the following key financials (unaudited):
in thousand USD unless stated otherwise, negative values in "()" | Q1 2024 | Q1 2023 |
Consolidated financials | ||
Revenue | 2,532 | 1,674 |
Project EBITDA / EBITA | 1,599 / 832 | 700 / 323 |
Group EBITDA / EBITA | 625 / (142) | (728) / (1,105) |
Net income / (loss) | 443 | (1,066) |
EPS (basis and diluted), in USD | 0.02 | (0.05) |
Total assets (in million USD) | 124.4 | 130.0 |
Equity (in million USD) | 69.3 | 75.1 |
Equity ratio (in%) | 56 % | 58 % |
Free cash position (in million USD) | 12.0 | 11.1 |
Debt (in million USD) | 42.9 | 43.9 |
MPC Energy Solutions - Invitation to webcast - Q1 2024 results
A webcast for the investment community will be held today, Tuesday, 30 April 2024 at 09:00 a.m. CET. There will be a Q&A session after the presentation, and a recording and written transcript of the webcast will be published on the Company's website afterwards.
From 09:00 a.m. CET today, the presentation to be reviewed during the webcast will be available on our website: MPC Energy Solutions (mpc-energysolutions.com)
Q1 webcast information:
Date: 30 April 2024
Time: 09:00 a.m. CET
Duration: 30 minutes incl. Q&A
Sign up for and access the webcast here: https://hca.videosync.fi/2024-04-30-mpces/register
For further information, please contact ir@mpc-energysolutions.com.
About MPC Energy Solutions
MPC Energy Solutions ("MPCES") develops, builds, owns and operates renewable energy assets, including utility-scale solar photovoltaics (PV) and onshore wind farms, energy efficiency solutions and hybrid projects, combining renewable sources and storage technologies. More details at www.mpc-energysolutions.com
Media contacts
MPC Energy Solutions N.V.
Investor Relations & Public Relations
Email: ir@mpc-energysolutions.com
Norway
Mats Samdahl Weltz
Salto Advisers
Phone: +47 950 46330
Email: msw@saltoadvisers.no
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/mpc-energy-solutions-n-v-/r/mpc-energy-solutions-reports-revenue-growth-and-margin-improvements-in-first-quarter--group-ebitda-p,c3969798
The following files are available for download:
https://mb.cision.com/Main/20542/3969798/2768840.pdf | MPCES_Q1 Report 2024_final |
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