(MPC Energy, 27.Apr.2023) — MPC Energy Solutions (MPCES) announces its 1Q:23 results. The quarter was marked by several milestones including connecting three more projects to the power grid and signing long-term off-take agreements for new projects. Revenues and operating profits increased significantly compared to 1Q:22.
“The results of the first quarter underline the scale-up we can expect from our business going forward and these effects will become even more visible as the year progresses. We continue to build more power plants, expand our development backlog and grow our revenues and operating income. MPCES is in a stronger position now than at any time since the IPO in early 2021,” says Stefan H.A. Meichsner, Chief Financial Officer of MPCES.
The company develops, builds, owns and operates renewable energy projects, including solar PV and wind farms as well as hybrid and energy efficiency solutions, in Latin America and the Caribbean.
Highlights of the quarter
- Announcing the start of operations for two plants in El Salvador (Santa Rosa and Villa Sol) and Puerto Rico (Neol CHP LLC), in addition to completing the construction of a 12.3 MW solar plant in Colombia (Parque Solar Los Girasoles) and connecting it to the power grid.
- Signing a long-term power purchase agreement in Guatemala with one of the country’s largest private companies
- Expansion further into Puerto Rico by investing in a new combined-heat-and-power project.
- The company generated $1.7mn in revenues during the first quarter of this year ($0.5mn in 1Q:22).
- Project-level earnings before interest, taxes, depreciation and amortization (EBITDA) were $0.7mn (1Q:22: $0.3mn), and project-level earnings before interest and taxes (EBIT) were $0.4mn (1Q:22: $0.3mn).
- Without including contributions from energy trading activities in Colombia, the results for revenue, project-level EBITDA and project-level EBIT were $1.4mn, $0.9mn and $0.5mn, respectively, in line with the company’s expectation and significantly exceeding the 1Q:22 results.
The company expects proportionate revenues of about $10mn this year, with proportionate operating profits on project level expected to grow to around $7mn.
On consolidated level, MPCES reported negative EBITDA and EBIT of $0.7mn and $1.5mn, respectively, and a net loss for the reporting period of $1.1mn. MPCES ended the first quarter 2023 with total assets of $130mn, of which $17.7mn were cash and cash equivalents. The consolidated equity ratio of the group as of 31 March 2023 was 58%.
The company will host a webcast for the investment community today at 09:00 a.m. CET. There will be a Q&A session after the presentation, and a recording and written transcript of the webcast will be published on the company’s website afterwards.
From 09:00 am CET, the presentation to be reviewed during the webcast will be available on our website: https://www.mpc-energysolutions.com/investors/reports-presentations
1Q:23 Webcast Information
Date: 27 April 2023
Time: 09:00 am CET
Duration: 30 minutes incl. Q&A
The live webcast can be accessed through the following link: https://edge.media-server.com/mmc/p/kd4gjja8