Polaris Renewable Energy Reports Q2 2024 Results

On August 1, 2024, Polaris Renewable Energy Inc. (TSX:PIF) released its financial and operating results for the second quarter of 2024. Consolidated energy production reached 186,887 MWh, 11% lower than the same period in 2023, due to scheduled maintenance in Nicaragua and lower hydrology in Peru.

The company reported $18.7 million in revenue from energy sales, down from $20.8 million in Q2 2023. Net earnings attributable to shareholders dropped to $985, or $0.05 per share, from $4,622, or $0.22 per share, in the previous year.

Adjusted EBITDA stood at $13.3 million, compared to $15.4 million in Q2 2023. Direct costs and administrative expenses remained stable despite the added costs from the Vista Hermosa Solar Park in Panama.

For the six months ending June 30, 2024, net cash flow from operations was $17.0 million, finishing the period with $45.2 million in cash. A quarterly dividend of $0.15 per share is expected to be paid on August 23, 2024.

The company emphasized progress in its Corporate Sustainability Strategy and Occupational Health and Safety practices.