Power generation group APR Energy has recorded a 203% year-on-year increase in revenue for the second quarter of the year capitalising on high demand for electricity in Africa and the Middle East.
The company reported $134million of revenue in the quarter an increase from last year’s $44million, after recording contract renewals of 253MW in the period.
It closed the first half of the year on 1,063MW of contract extensions plus 142MW of new contracts.
This included the first 100MW tranche of the 300MW Uruguay mobile gas turbine contract, as well as contracts in Indonesia and Senegal – all sealed in the second quarter.
Additionally, the group successfully commissioned three power plants during the quarter – the 82MW gas power module plant in Myanmar commenced operations in May, while the new 40MW mobile gas turbine plant in Angola and the 60MW mobile turbine plant in the South Pacific both commenced operations in June.
The company also managed to reduce its debt by $23million to $570million over the second quarter, with the current cash on balance of $52million bringing the net debt figure down to $518million.
“The group has continued to perform well, delivering strong financial and operational results for the quarter,” said John Campion, APR Energy’s chief executive.
“Renewals have been a major focus for us and continue to be a highly critical and strategic part of our business.
“With a sustained renewal rate in excess of 80%, our efforts are paying off and reflect the inherent longevity of our service.”
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