29th Sep 2023 09:15
(Alliance News) - Kibo Energy PLC on Friday reported its first-half loss narrowed as the renewable energy group continued to face a liquidity crunch.
The Galway, Ireland-based company with energy projects in Africa and UK saw its pretax loss narrow slightly to GBP1.8 million for the six months that ended June 30, from GBP1.9 million a year earlier.
Revenue slumped by 35% to GBP198,438 from GBP305,384.
The company said its short-term liquidity constraints were due largely to the significant capital required to develop projects that exceeded available cash.
Kibo has a portfolio of projects spanning reserve power, waste-to-energy, biofuel and long-duration energy storage.
The company said its viability depended on the conclusion of funding initiatives, and the completion of a joint venture agreement between Mast Energy Developments PLC, its subsidiary, and an institutional investor to a total value of GBP31 million.
Kibo said it continued to focus on its renewed strategy to acquire and develop a portfolio of sustainable, renewable energy assets.
Shares in Kibo were down 1.8% at 0.05p each in London. In Johannesburg, Kibo shares were trading flat at ZAR0.02 each.
By Artwell Dlamini, Alliance News reporter
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