Infigen Energy Reported Higher Net Revenue in Q2 FY19

oil and gas

Infigen Energy Ltd (ASX: IFN)  is a leading energy market participant that supplies clean energy from its own renewable energy generation assets. Today (31 January 2019) the company has released information regarding the production and revenue in the December quarter (Q2 FY 2019). For Q2 FY 2019, the company reported Production generated from Infigen Assets of 416 GWh which is 18 percent higher than the 354GWh of Q2 FY 2018. For the first half of FY 2019, the company reported Production generated from Infigen Assets of 903 GWh which is 6% higher than previous corresponding period.

In the second quarter of FY 2019, the company also reported Production sold from Infigen Assets of 403GWh, which is 19 percent higher than the 339GWh of Q2 FY 2018. For the first half of FY 2019, the company reported Production sold from Infigen Assets of 872GWh which is 7% higher than previous corresponding period. 

The Production purchased and sold from non-Infigen Assets was 29GWh in Q2 FY 2019. In the first half of FY 2019, the company reported net revenue of $119.2 m which is slightly higher (1%) than the previous corresponding period. The net revenue in the second quarter of FY 2019 was $52.9 million which was 16 percent higher than the $45.5 million in Q2 FY 2018. The company will release its FY 2019 interim financial results (H1 FY19) on 21 February 2019.

In December 2018, the company reported Production generated from Infigen Assets of 145GWh and Production sold from Infigen Assets of 141GWh. The Production purchased and sold from non-Infigen Assets was 12GWh in December 2018.

Recently the company appointed Ms. Karen Smith-Pomeroy to the Boards of Infigen Energy Limited and Infigen Energy RE Limited.

In FY 2018, the company reported a Net Revenue $210.1 million which was 7% higher than the previous corresponding year. The increase in the revenue was driven by 6% increase in the production sold and 5 percent increase in Infigen’s electricity price. In FY 2018, the company incurred a net profit of $45.673 million which was 41.5% higher than the prior year. As at 30 June 2018, the Net tangible assets per stapled security was 48 cents. In FY 2018, the company’s net operating cash flow increased by 2% to $100.4 million driven by the increase in revenue; an increase in inventory and lower net finance costs paid.

Infigen is a licensed energy retailer in various National Electricity Market (NEM) regions, and it is one of the Australia’s largest owner of wind power generators. The company is actively engaged with policy makers, Government and stakeholders to articulate the important role that clean energy can play in the transition and the lowering of costs for users.

In the past six months, the share price of the company decreased by 28.13 percent as on 30 January 2019. IFN’s shares traded at $0.450 (-2.17% intraday) with a market capitalization of circa $440.02 million as on 31 January 2019.


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