• Market Watch

Powerful financial year for Anirep

- 2023-06-19 00:00:00

Locally-listed Alpha Namibia Industries Renewable Power Ltd (Anirep) has reported a 29% increase in normalised operating profit for the year ended 28 February 2023, from N$21.5 million to N$27.7 million.
Releasing its latest annual results on the Namibian Stock Exchange (NSX), Anirep said its profit before tax was N$28.7 million, compared to the restated N$6.6 million of the previous financial year.
Basic earnings per share (EPS) were 72c, up from 10c in the 2022 financial year. Headline earnings per share (HEPS), a profitability gauge, came in at 25c, compared to 10c in the same 12 months in 2022.
Anirep declared no dividend.
Anirep managing director Iyaloo Nangolo said the company is a bridge for capital markets into infrastructural renewable energy projects that provide investors with “good, predictable, and long-term yielding investments generating a consistent return on equity over the long term”.
“Anirep has successfully built a foundation, characterised by consistent and sustainable long-term cash flows. This is reflected in the company's reported Ebitda [earnings before interest, taxes, depreciation and amortisation] of N$37.9 million for the year, a 22% growth compared to the previous year.
“This achievement translates to an Ebitda multiple of 4.4. The successful raising of funds during the listing phase played a pivotal role in establishing this stable and robust platform for Anirep,” Nangolo said.
He continued: “Since its listing in 2019, Anirep has demonstrated a track record of Ebitda growth.”
Currently, the company's total generation capacity stands at 13.34MWp. Building on this success, Anirep is excited about the next phase of its expansion, which involves launching a rights issue to raise additional capital.
“The funds raised will be utilised to propel the company's generation capacity to just under 100 MWp, marking a significant milestone in its growth trajectory.”