Renewable energy company Anirep recorded N$8.6 million in total operating profit for the year ended 29 February 2024.
The company plans to use funds raised through a recent rights offering to expand its generation capacity to nearly 70MWp.
According to Anirep’s Managing Director Iyaloo Ya Nangolo, the company’s current total generation capacity stands at 13.34MWp and plans to build on this for its next phase of expansion.
“The proceeds raised from the rights offer will be utilised to propel the company’s generation capacity to just under 70MWp, marking a significant milestone in its growth trajectory,” he said.
The company also reported that its core annuity revenue, primarily generated through electricity sales and maintenance services from existing solar power plants, remained consistent at N$52.2 million.
Anirep Solar, a subsidiary, maintained a steady income of N$37.2 million throughout the year, supported by long-term power purchase agreements (PPAs) with NamPower and Cenored that extend until 2041.
Additionally, HopSol Africa’s recurring operations and maintenance revenue increased by 13.5% to N$15 million, aligning with Anirep’s long-term strategy of expanding annuity income.
The company reported an overall revenue decline of 6% to N$74 million compared to the prior year attributed to lower revenue from Engineering, Procurement & Construction (EPC) activities, particularly due to delays in the Khan project.
The significant EPC revenue generated by this 25MWp project will reportedly be recognised upon completion in the 2025 financial year. These delays also negatively impacted normalised operating profit, which decreased by 49% to N$12.2 million compared to the previous year.
While gross profit remained at N$60.9 million, the margin decreased as a result of projects under construction.
Consequently, Anirep incurred a loss before tax of N$7.9 million, contrasting with the profit reported in the prior year.
The company did not declare or pay any dividends during the period under review.
