Wingara AG Limited (ASX: WNR) is an Australian company, engaged in the processing and marketing of agricultural products. It provides fodders to the farmers. The companyâs products include different varieties of hay and bedding straw. WNR currently exports its products to Asia, Korea, and the Middle East.
Today, the company has announced that it has entered a strategic alliance with AEES Group Pty Ltd to install a renewable energy generation plant. This will help WNR to reduce its energy consumption. Earlier also, both the companies have together successfully installed the Epsom solar project with a capacity of 275kw.
AEES Group Pty Ltd (AESS) is a leading Australian engineering, procurement, and construction firm specializing in renewable energy and energy efficiency solutions for commercial & industrial users. AESS provides customized solutions to significantly reduce energy costs while progressively working towards zero net carbon outcomes in collaboration with customers.
The first project to be delivered by the collaboration is the Austco Polar Cold storage integrated power solution. The plan includes a sophisticated control system to manage load swings and maintain uninterrupted power supply of renewable and generator energy to and from the grid for the most cost-effective and best environmental solution. This is expected to generate net energy savings of 35% to 40% with a formal investment decision expected in mid-2019.
The installation of 5.925MW of solar generation capacity across Raywood, Epsom and Austco Polar Cold storage will result in an approximate reduction in total net energy consumption of 30% to 40%. Further efficiencies are expected in the future through the installation of battery storage capabilities which will continue to be evaluated by the alliance as the cost of the technology continues to decline rapidly.
In November, WNR successfully completed and commissioned its processing facility in Raywood, Victoria spread over an area of 30 hectares. The company received all the government approvals of being a certified export facility. The Raywood facility coupled with the Epsom facility will enable WNR to achieve 120,000 mt to 150,000 mt storage sheds per annum within three years. The company has already completed 11,000 mt storage sheds till 13 November 2018 with the combined capacity of 30,000 mt. The company also appointed Mr. Zane Banson as a Chief Financial Officer.
On 31 October 2018, the company announced its half-yearly results for 2019 with an increase in revenue by 129%, net tangible assets per share by 260%, and net profit after tax by 735%. This was majorly on account of acquisition of Austco Polar Cold Storage (APC) in April 2018, which generated much higher than expected returns from its increased throughput volumes coupled with higher rental levels and significant business efficiencies in five months. The company also estimates the increase in throughput capacity by 15 to 20% over the full year. The net cash inflow from operating activities was reported at $3.9 million.
Over the period of past six months, the scrip price has declined by 16.67% and is currently trading at 25 cents. There was no change in the price today.
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