Powerful financial year for Anirep

Locally-listed Alpha Namibia Industries Renewable Power Ltd (Anirep) has reported a 29% increase in normalised operating profit for the year ended 28 February 2023, from N$21.5 million to N$27.7 million.Releasing its latest annual results on the Namibian Stock Exchange (NSX), Anirep said its profit before tax was N$28.7 million, compared to the restated N$6.6 million of the previous financial year.Basic earnings per share (EPS) were 72c, up from 10c in the 2022 financial year. Headline earnings per share (HEPS), a profitability gauge, came in at 25c, compared to 10c in the same 12 months in 2022.Anirep declared no dividend.Anirep managing director Iyaloo Nangolo said the company is a bridge for capital markets into infrastructural renewable energy projects that provide investors with “good, predictable, and long-term yielding investments generating a consistent return on equity over the long term”.“Anirep has successfully built a foundation, characterised by consistent and sustainable long-term cash flows. This is reflected in the company's reported Ebitda [earnings before interest, taxes, depreciation and amortisation] of N$37.9 million for the year, a 22% growth compared to the previous year.“This achievement translates to an Ebitda multiple of 4.4. The successful raising of funds during the listing phase played a pivotal role in establishing this stable and robust platform for Anirep,” Nangolo said.He continued: “Since its listing in 2019, Anirep has demonstrated a track record of Ebitda growth.”Currently, the company's total generation capacity stands at 13.34MWp. Building on this success, Anirep is excited about the next phase of its expansion, which involves launching a rights issue to raise additional capital.“The funds raised will be utilised to propel the company's generation capacity to just under 100 MWp, marking a significant milestone in its growth trajectory.”

Powerful financial year for Anirep

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Powerful financial year for Anirep

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