Revenue Performance - The company reported a significant increase in contracted revenue, with a total of 1.5billionexpectedfromkeycustomersoverthenextfiveyears[10].−RevenueforthethreemonthsendedSeptember30,2024,was420,282,000, a decrease of 10.0% from 467,023,000inthesameperiodof2023[38].−RevenuefortheninemonthsendedSeptember30,2024,was1,273,403,000, down 21.2% from 1,615,755,000inthesameperiodof2023[38].−ThecompanyhassecurednewagreementswithMTNNigeria,whichareprojectedtoenhancefinancialperformancebyapproximately15 million annually[2]. - Revenue from Customer A represented 62% of total revenue for the three months ended September 30, 2024, while Customer B accounted for 14%, indicating a slight decrease from 63% and 14% respectively in the same period of 2023[89]. Operating Expenses and Income - Operating expenses rose by 10% year-over-year, primarily due to increased diesel costs and maintenance expenses[5]. - Operating income for the three months ended September 30, 2024, was 125,787,000,comparedto13,627,000 in the same period of 2023[38]. - Total cost of sales for the three months ended September 30, 2024, was 201,745,000,downfrom358,883,000 in the same period of 2023, with significant reductions in power generation costs and depreciation[91]. - Administrative expenses for the three months ended September 30, 2024, totaled 93,835,000,comparedto347,558,000 for the same period in 2023, reflecting a decrease in staff costs and impairment of withholding tax receivables[95]. Financial Position - Total assets as of September 30, 2024, were 4,571,232,000,downfrom5,364,710,000 as of December 31, 2023[42]. - Total liabilities as of September 30, 2024, were 4,837,196,000,comparedto5,017,356,000 as of December 31, 2023[42]. - Cash and cash equivalents as of September 30, 2024, increased to 397,499,000from293,823,000 as of December 31, 2023[42]. - Total equity as of September 30, 2024, was 206,477,000,adecreasefrom464,345,000 as of September 30, 2023, reflecting a decline of approximately 56%[44]. Losses and Impairments - Loss for the period for the three months ended September 30, 2024, was 205,703,000,adecreasefrom268,804,000 in the same period of 2023[38]. - The company reported a loss for the period of 1,878,540,000fortheninemonthsendedSeptember30,2024,comparedtoalossof1,523,021,000 for the same period in 2023, indicating an increase in losses of approximately 23%[44]. - The impairment of property, plant, and equipment, and intangible assets excluding goodwill for the nine months ended September 30, 2024, was 87,894,000[131].StrategicInitiatives−Astrategicreviewisunderwaytoenhanceproductivityandreducecosts,withanestimatedsavingstargetof50 million annually[2]. - Future acquisitions are being considered to expand market presence, particularly in emerging markets[2]. - The company plans to invest 200millioninnewtechnologyandinfrastructuredevelopmentoverthenexttwoyears[10].−Thecompanyisfocusedonexpandingitsoperationsinemergingmarkets,includingrecentinvestmentsintheMiddleEastandLatinAmerica[154].SustainabilityandEfficiency−Thecompanyaimstoreducedieselconsumptionby303.53 billion, with a fair value of 3.50billion,indicatingaslightincreasefrom3.22 billion in December 2023[74]. - The company drew down €56.1 million (approximately 62.6million)andXOF7,109.0million(approximately12.1 million) under the CIV (2023) Term Loan in February 2024, primarily for prepaying existing borrowings[119]. - In March 2024, the company entered into a 270.0millionloanagreementwithStandardCharteredBank,whichisscheduledtoterminateinMarch2026[122].CurrencyandForeignExchange−Theimpactofcurrencyfluctuations,particularlythedevaluationoftheNigerianNaira,isexpectedtoaffectfinancialresults,withpotentiallossesestimatedat10 million[3]. - The Group's assessment of foreign exchange rates includes the USD/NGN rate published by Bloomberg for transactions in Nigerian subsidiaries[67]. - The company monitors foreign exchange rates for translating financial results, which can impact reported revenue due to fluctuations in local currencies[191].
IHS (IHS)2024-11-12 11:08