22nd Oct 2020 12:23
(Alliance News) - Kibo Energy PLC on Thursday said it made good progress in the first half of the year with short-term benefits expected from its two flagship projects.
The multi-asset energy company which aims to tackle power deficits in Sub-Saharan Africa posted a pretax profit for the half year ended June 30 of GBP 1.3 million, narrowing from GBP1.8 million a year prior.
Revenue was down to GBP1.1 million from GBP1.4 million a year before.
During the period, Kibo said several advances within its portfolio. This includes at Benga in Mozambique where the company is investigating the feasibility of increasing its generating capacity to between 300 and 350 megawatts, up from the previously planned 100 to 150 megawatts.
The company's Mast energy development projects in the UK made "solid" progress towards production while simultaneously planning for the acquisition and funding of additional reserve power sites, Kibo said.
The company decided not to pay an interim dividend, same to the year prior.
Chair Christian Schaffalitzky said: "Unavoidably, Covid-19 has had an impact on field operations and we are experiencing some delays in meeting our previously announced project development target dates but are working closely with our partners and service providers to manage these delays."
Going forward, Schaffalitzky said: "Following the disappointment in Tanzania with not being able to advance the Mbeya coal to power project development as quickly as we planned, I believe we have now steadied the ship and are well positioned to benefit from our current flag ship projects, Benga and Mast energy developent projects in particular in the short term. I look forward to progress on the exciting plans for these projects over the next year."
Kibo Energy shares were flat in Johannesburg at ZAR0.07 each, and down 16% at 0.21 pence each in London, on Thursday afternoon.
By Greg Roxburgh; [email protected]
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