27th Sep 2022 11:28
(Alliance News) - Aquila European Renewables Income Fund PLC on Tuesday posted a sharp rise in interim profit and an increase in net assets during the first half of 2022.
Aquila European Renewables Income Fund invests in renewable energy technologies across continental Europe and Ireland.
In the six months ended June 30, the firm posted a pretax profit of EUR22.4 million, more than tripling from EUR6.1 million a year before.
Net assets at June 30 totalled EUR430.6 million, up 3.2% from EUR417.4 million at December 31. In the same time period, its net asset value per share rose by 2.8% to 105.5 euro cents from 102.6 cents.
NAV total return per share in the six months to June 30 was positive 5.3%. In the same period a year prior, the return was positive 1.9%. Chair Ian Nolan said this was its "best result since IPO".
"The NAV growth has been underpinned by increases in electricity prices and inflation, which have been influenced by the conflict in Ukraine, as well as supply constraints coming out of the COVID-19 pandemic," Nolan explained.
Looking forward, Aquila European Renewables Income Fund said it is well-positioned to expand its portfolio as well as to generate "attractive" returns in the current climate.
Shares were up 1.4% at 90.00 pence on Tuesday morning in London.
By Heather Rydings; [email protected]
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