Baku, Azerbaijan, Aug.22
By Leman Zeynalova – Trend:
Earnings before interest, taxes, depreciation and amortization of Canada’s Zenith Energy company stood at $20.73 million, while its net profit amounted to $5.81 million in the financial year ended 30 June 2019, Trend reports referring to the preliminary unaudited financial results of the company.
Managing Director, Hamish Moffat, said the results marked a very successful 12-month period for Zenith Energy and its shareholders.
“Zenith Energy continues to grow shareholder value by successfully delivering on its Build-Own- Operate strategy, and running our existing contracts efficiently,” Moffat said.
“This work has seen us successfully rebalance our segment portfolio to be predominantly Build Own Operate whilst delivering revenues of $55.04 million against a forecast of $50 million to $55 million and EBITDA of $20.73 million against a forecast of $19 million to $21 million.”
“During the year we commissioned our largest project to date, the 62-megawatt (MW) Tanami Power Station, on time and on budget. Meanwhile we amended and extended contracts with leading operators such as Northern Star Resources, Chevron and Independence Group.
“In addition to our ongoing relationships, we executed Power Purchase Agreements with Silver Lake Resources for an 18.3MW power station at its Daisy Milano Project and Adaman Resources for a 14.4MW power station at its Kirkalocka Gold Project. These contracts take our total installed capacity to 403MW distributed across 12 locations, a result we are incredibly proud of.
“Zenith Energy’s financial position has been strengthened during the year, enabling the Company to increase its power generating assets by $72.31 million. The Company will continue to strengthen its balance sheet to sustain the growth of its generating assets and maintain sufficient working capital, through the application of our prudent capital management policy.”
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