AB KN Energies unaudited financial information for the six months of 2024
August 14 2024 - 1:55AM
UK Regulatory
AB KN Energies unaudited financial information for the six months
of 2024
AB KN Energies (hereinafter – KN, the Company) announces the
unaudited consolidated (hereinafter – the Group) and separate
financial results for the six months ended 30 June 2024.
Key financial indicators for the 1-6 months of 2024:
|
EUR millions |
Group |
Company |
|
|
1-6 months of 2024 |
1-6 months of 2023 |
1-6 months of 2024 |
1-6 months of 2023 |
|
Revenue |
42.6 |
42.4 |
40.8 |
40.9 |
|
EBITDA |
21.7 |
16.7 |
20.7 |
16.2 |
|
Net profit (loss) |
1.5 |
8.1 |
0.8 |
7.7 |
|
Adjusted net profit (loss) |
6.3 |
3.3 |
5.7 |
2.9 |
Management comment:
In January-June this year, the Group's revenue was 1% higher
than in the same period a year ago (H1 2024: EUR 42.6 million; H1
2023: EUR 42.4 million), while EBITDA grew by 30% (H1 2024: EUR
21.7 million; H1 2023: EUR 16.7 million) and adjusted net profit by
EUR 4.4 million (H1 2024: EUR 6.3 million; H1 2023: EUR 1.9
million).
Despite the challenging market conditions in the eastern Baltic
Sea ports, which loaded 27% less liquid energy products in 1-6
months of 2024 than in the same period of 2023, KN Energies' liquid
energy terminals' loading rates remained stable (H1 2024: 1.9
million t; H1 2023: 1.95 million t of liquid energy products). The
revenue of this segment was EUR 405 thousand higher than in the
same period last year, amounting to EUR 14.6 million. The stable
revenues of this segment were supported by the growing demand for
product storage services and the increase in biofuel and bitumen
loading volumes.
The regulated LNG segment's revenue for the first half of 2024
was EUR 22.65 million, down EUR 2.15 million compared to the same
period in 2023, but due to EUR 2.8 million lower costs, the
segment's adjusted net profit for the first half of 2024 was higher
by EUR 723 thousand compared to the same period in 2023, reaching
EUR 841 thousand.
The decrease in revenues of the regulated LNG segment was mainly
due to the repair and maintenance works of the FSRU Independence in
a dry dock in Denmark in May, during which the Klaipėda LNG
terminal operations were temporarily suspended.
New projects secured abroad, operations in Brazil and the
development of the Klaipėda LNG value chain led to an increase in
the segment's revenues by more than 50%: the adjusted revenues of
the commercial LNG segment for January-June 2024 amounted to EUR
5.36 million (H1 2023 - EUR 3.4 million), and the net profit
amounted to EUR 2.46 million (H1 2023 - EUR 0.5 million).
Enclosed:
-
Consolidated and Separate Financial Statements of AB KN Energies
for 6 months period ended 30 June 2024.
- Presentation of the
unaudited financial results of the Group for the 6 months period of
2024.
Tomas Tumėnas, Chief Financial Officer, +370 46 391772
- KN_IFRS_FS_INTERIM_HY1_2024
- KN_activity results for_HY1_2024
Klaipedos Nafta Ab (LSE:0J1K)
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