Polaris Renewable Energy Reports Modest Q1 2024 Financial Growth Amid Production Challenges

Polaris Renewable Energy Inc. announced its financial results for the first quarter of 2024, revealing a slight increase in revenue despite a decrease in overall energy production. The company reported a consolidated energy production drop of 2% to 213,434 MWh due to lower outputs at its geothermal facility in Nicaragua and hydroelectric facilities in Peru. This decline was partly mitigated by the new solar plant in Panama which started operations in April 2023.

The Toronto-based company generated $20.6 million in energy sales revenue, a small increase from $20.1 million in the same quarter last year, attributed to higher power purchase agreement prices in Peru and favorable spot prices in Panama. Direct costs remained stable compared to the previous year, despite inflationary pressures and the additional operating costs from the new Panamanian solar park.

Net earnings for shareholders amounted to $4.3 million, or $0.21 per share, slightly below the $4.7 million, or $0.22 per share reported in the first quarter of 2023. Adjusted EBITDA saw a marginal rise to $15.7 million from $15.3 million in the prior year's quarter. The company concluded the quarter with a strong cash position of $45.6 million, including restricted cash, and confirmed the continuation of its quarterly dividend of $0.15 per share.

Polaris’s CEO, Marc Murnaghan, expressed satisfaction with the quarter's performance, highlighting effective cost control in a challenging economic environment. The company remains committed to advancing its environmental, social, and governance initiatives and sustaining a robust health and safety record.