21st Aug 2024 10:05
(Alliance News) - Riverstone Energy Ltd on Wednesday announced a surge in net asset value as it highlighted a changing supply picture regarding energy demand in the face of transition and war.
The Guernsey-based investor in renewable and non-renewable energy companies said net asset value per share rose 31% to USD16.91 each at June 30 from USD12.90 a year prior.
Total comprehensive loss narrowed to USD15.9 million in the first half of 2024, from USD105.3 million a year ago.
The company said regarding energy transition towards renewables: "There is an increased recognition of the challenges of the scale of the transition and acknowledgement that conventional energy sources will remain a part of the global energy mix while the transition takes place."
Riverstone Energy noted that 2024 saw a continuation of global uncertainty resulting from conflicts in Ukraine and the Middle East, while elections that occured in India, EU, France, the UK, and soon the US, are having significant impacts as well.
It said: "Global shipping remains subject to very real threats and supply chains are fragile as a result. Tensions between the US and China remain high as China's ultimate intentions in the South China Sea and in relation to its neighbour Taiwan continue to be unclear."
The company added: "The energy demand and supply picture continues to change. The Russian invasion of Ukraine has already forced a major re-balancing as European countries successfully reduced their reliance on Russian energy, seeking new sources of supply to meet their needs. Russia, in turn, has shifted its focus to find new outlets and markets for its energy."
The company did not recommend a dividend, unchanged from a year prior.
Looking ahead and noting an opportunity in decarbonisation, Chair Richard Horlick said: "REL has positioned its portfolio to benefit from the development of the world's energy needs over the coming years. The board seeks to realise value when opportunities arise and will continue to do so in the future, maintaining the financial discipline to deliver effective shareholder value creation through capital returns where possible."
Riverstone Energy shares were 1.4% lower at 802.85 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.