AB KN Energies Reports Strong Financial Performance in 2024
AB KN Energies Announces Financial Results for Early 2024
AB KN Energies, referred to as KN, has unveiled its unaudited consolidated and separate financial results for the nine months ending in September 2024. This report sheds light on key financial metrics and highlights the company's performance against previous years.
Key financial figures for the first nine months of 2024 are detailed below:
Financial Overview
During this period, AB KN Energies has reported significant achievements in various financial segments compared to the previous year:
Key Metrics:
- Revenue: The Group reported revenue of EUR 68 million, a notable increase from the EUR 63.6 million reported for the same period in 2023.
- EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization reached EUR 36.9 million, compared to EUR 28 million in the prior year.
- Net Profit: The Company achieved a net profit of EUR 11.9 million, reflecting a significant rise from EUR 5.5 million in the previous year's reporting period.
- Adjusted Net Profit: This figure stood at EUR 12.4 million, up from EUR 6.2 million in 2023.
This financial performance underscores the resilience and strategic efforts of AB KN Energies, enhancing its position within the industry.
Sector Insights
Within the liquid energy terminal sector, the Company reported revenue of EUR 21.1 million for the first nine months of 2024, showing a slight decrease compared to EUR 21.12 million in the previous year. Despite this stability, the revenue was supported by stronger tank rental incomes and liquid energy storage services, mitigating a decrease in handling volumes by approximately 10%.
The regulated LNG segment saw an upward shift, with revenues increasing by EUR 1.1 million to reach EUR 38.4 million primarily due to an increase in regasification tariffs. The tariffs rose from EUR 1.41/MWh to EUR 1.83/MWh, a change approved by the National Energy Regulatory Council.
In the commercial LNG sector, AB KN Energies garnered EUR 8.5 million, a significant uptick from EUR 5.2 million in 2023. Key drivers of this growth include new international projects, particularly operations in Brazil, and the expansion of the Klaip?da LNG value chain.
AB KN Energies remains committed to enhancing its business operations and revenue streams, reflecting an optimistic outlook for the remainder of the fiscal year.
Future Outlook
The Company is poised for further growth heading into the coming months. Management is focused on expanding its market reach and ensuring stable returns for stakeholders. Strategic investments in technology and infrastructure improvements are expected to play a pivotal role in sustaining this trajectory.
Documentation Available:
Attached is the consolidated and separate financial report for AB KN Energies for the nine-month period ending on September 30, 2024.
If you have any questions, please reach out to:
Tomas Tum?nas, Chief Financial Officer, +370 46 391772
Frequently Asked Questions
What are the key financial highlights for AB KN Energies?
The key highlights include a revenue of EUR 68 million, EBITDA of EUR 36.9 million, and a net profit of EUR 11.9 million for the first nine months of 2024.
How does the revenue from the liquid energy terminals compare to last year?
The revenue from liquid energy terminals was EUR 21.1 million, remaining stable compared to EUR 21.12 million in the same period last year.
What drove the growth in the regulated LNG segment?
The growth, up by EUR 1.1 million to EUR 38.4 million, was mainly due to increased regasification tariffs approved by regulatory authorities.
What is the strategy for future growth?
AB KN Energies plans to enhance its market presence through international projects and improvements in technology and infrastructure to support sustained revenue growth.
Who can I contact for more information regarding the financial report?
You can reach out to Tomas Tum?nas, Chief Financial Officer, at +370 46 391772 for any inquiries about the financial report.
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