Anirep not deterred by tough half-year

Locally-listed Alpha Namibia Industries Renewable Power (Anirep) has reported a net profit of nearly N$5.4 million for the six months ended 31 August 2023 – a drop of about N$10.7 million or 66.5% compared to the same half-year in 2022.Total group revenue of N$35.2 million was generated, a decrease of nearly 30% year-on-year (y/y).Anirep suffered a headline loss per share of 27c, compared to headline earnings per share (HEPS) of 31c in the same six months last year.No dividend was declared.ProjectsReleasing its interim results on the Namibian Stock Exchange (NSX) on Friday, Anirep said the engineering procurement and construction (EPC) revenue reflects the fluctuations inherent in the construction contracts managed by HopSol Africa.This revenue segment amounted to N$13.2 million for the half-year period, representing a 73% decrease compared to the prior period&#039;s revenue of N$27 million. The earlier period encompassed revenue generated from constructing the Omburu 25MWp PV power plant for NamPower.“Presently, the company is preparing for its upcoming project, another 25MWp PV power plant, expecting a significant portion of its revenue in the forthcoming financial year. “Looking ahead, the company has established a robust project pipeline, positioning itself for the commencement of two additional projects in the first quarter of the 2024 calendar year. Projects currently under construction by HopSol Africa (Pty) Ltd have achieved margins of 73%,” Anirep said.Rights offeringAnirep recently raised more than N$557.1 million in a rights offering.The money will allow Anirep to de-gear and substantially restructure its balance sheet, facilitating a more appropriate capital structure, the company said. It will also allow management greater financial and operational flexibility to implement Anirep’s developmental goal and seize potential growth opportunities.Announcing the rights offer in October this year, Anirep said it was gearing up to play a major role in increasing the commercial installed renewable energy generation in Namibia from the current 150MW to 760MW by 2025. “The successful completion of the capital raise would allow the company to increase its market share of renewable energy generation in the country, from 7% as at Feb 2022 (up from 0% in 2020) to its internal target of 30% of the forecasted 760MW by 2025.“The company has proven its experience in executing projects through leveraging its strategic capacity at both HopSol Africa Pty Ltd (Engineering Procurement Construction and Operation and Management) and Anirep Solar Pty Ltd (Independent Power Producer),” it added.The capital raised will be utilised for the development of Khan (25MW), Kokerboom (25MW), Otjiwarongo upgrade up to 11MW with 3MW Regulated Energy Storage System.Anirep is listed on the Local Index of the NSX. It closed Friday at N$8.99 per share.

Anirep not deterred by tough half-year

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