APG closes USD-400m investment in Doral Renewables
Sep 13, 2024 16:33 CESTSolar project developer and operator Emeren Group (NYSE:SOL) posted a second-quarter net profit of USD 400,000 (EUR 357,700), which is a drop from USD 8.3 million a year earlier.
In sequential terms, net attributable income marked a USD-6.3-million rebound from a loss of USD 5.9 million in the previous quarter. According to Emeren’s financial report, the second-quarter bottom line result includes a USD-2-million write-off related to cancelled projects and an unrealised foreign exchange loss of USD 800,000.
At USD 30.1 million, revenues doubled quarter-on-quarter but were 11% lower than in the year-ago period after sales of ready-to-build projects in Europe declined.
“Despite these setbacks, our ability to deliver a solid operating profit underscores the resilience and adaptability of our business model,” the company said. It added it is “well-positioned” in many of the world’s fastest-growing solar markets, which enjoy rising clean energy demand and favorable government policies.
Amounts in USD million | Q2 2024 | Q2 2023 |
Revenue | 30.1 | 33.8 |
Gross profit | 9.4 | 12.7 |
Operating income (loss) |
3 | 5 |
EBITDA (loss) | 3.6 | 8.8 |
Adjusted EBITDA | 4.6 | 9.3 |
Net attr. profit (loss) | 0.4 | 8.3 |
Operating income (loss)
Looking ahead, Emeren plans to advance its early-stage projects and secure additional development service agreements in Europe and the US. For the third quarter, it anticipates posting revenues of between USD 25 million and USD 28 million and a gross margin of 35%-38%.
The company confirmed its 2024 forecast for USD 150 million-160 million in revenues and a gross margin of about 30%. Net profit for the full year is still seen at around USD 22 million.
(USD 1.0 = EUR 0.894)
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