Anirep records N$8.6 million profit

Renewable energy company Anirep reported a total operating profit of N$8.6 million.

Commenting on the results, managing director Iyaloo Ya Nangolo said the company was poised for continued growth on the back of a successful fund-raising initiative during its listing phase, which concluded last December.

“Anirep has successfully built a foundation, characterised by consistent and sustainable long-term cash flows. The successful raising of funds during the listing phase and the rights offer closed on 4 December 2023 continues to play a pivotal role in establishing and stabilising this robust platform,” he said.

Looking ahead, Ya Nangolo said the company would continue funding future projects with its own internal resources.

“In the growth stage, all development costs for future projects are being borne by the group and thus the group is geared towards ensuring that all new projects are implemented timeously to warrant quick contribution of revenue to group performance."

Financial performance

The core annuity revenue for the group - being the independent power producer sale of electricity and operations and maintenance - stood steady at N$52.2 million.

Anirep Solar continued to generate a steady income of N$37.2 million for the year, on the back of power purchasing agreements with NamPower and Cenored - which are in place until 2041.

Recurring operations and maintenance revenue of N$15 million in HopSol Africa was 13.5% higher than the prior year. This was in line with the group's long-term strategy to grow annuity income.

The cash-generating capacity of the business is underpinned by the long-term power purchase agreements in place.

No dividends were declared or paid during the period under review.