RE Royalties Announces Impressive First Quarter 2024 Financial Results and Business Highlights
VANCOUVER, BC / ACCESSWIRE / May 30, 2024 / RE Royalties Ltd. (TSX.V:RE)(OTCQX:RROYF) (“RE Royalties” or the “Company”), a global leader in renewable energy royalty-based financing, has recently unveiled its financial performance for the first quarter ending on March 31, 2024 (“Q1 2024”). The Company reported significant growth and success in various key financial aspects.
Key financial highlights for Q1 2024 include:
– Quarterly revenue and income reaching $2,637,000, marking a 45% increase over the previous year.
– Quarterly gross profit, inclusive of changes in fair value of financial assets, totaling $2,538,000, a 45% increase compared to the similar period in the prior year.
– Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) for Q1 2024 amounted to $1,797,000, reflecting a 34% increase over the similar period in the prior year.
– Quarterly net income after income tax stood at $659,000, showcasing an 18% increase over the similar period in the prior year.
– Cash and cash equivalents, including restricted cash, amounted to $14,614,000 as of March 31, 2024.
In addition to the financial achievements, RE Royalties also highlighted key business accomplishments for Q1 2024:
– In January 2024, RE Royalties entered an agreement with Clean Communities Corporation (“CCC”), an Alberta-based Indigenous-led clean energy company, providing a $1.7 Million secured loan to support the construction of a 4MW solar project (“Sunrise Solar”) in Cardston, Alberta.
– In February 2024, the Company closed a loan and royalty agreement with Revolve Renewable Power Corp. to support the acquisition of a portfolio of two operational run-of-river hydro projects in British Columbia and one operational wind project in Alberta.
– In March 2024, RE Royalties secured a $415,000 loan with Revolve to enable their expansion into the Mexican distributed generation market.
– Additionally, in March 2024, the Company received an early repayment of a five-year USD $5.6 million senior secured working capital loan extended to Nomad Transportable Power Systems Inc.
Bernard Tan, CEO of RE Royalties, expressed confidence in the Company’s performance, stating, “Q1 2024 continues our strong trend of growing our revenue and income, EBITDA, and cash flows.” He also highlighted the Company’s resilient cash flows and robust investment portfolio.
RE Royalties will be hosting a conference call on Friday, May 31, 2024, to discuss its Q1 2024 results, providing an opportunity for analysts and investors to engage with management and ask questions.
For further information on RE Royalties Ltd., please contact:
Investor and Media Contact:
Melanee Henderson, Investor Relations
T: (778) 373-6731 TF 800-667-2114
E: [email protected]
Talia Beckett, Vice President of Communications and Sustainability
T: (778) 374‐2000
E: [email protected]