Kibo Energy Plc has released its audited financial results for the twelve months ended 31 December 2022, showcasing a remarkable turnaround and significant improvements. The company’s commitment to renewable energy projects and its strategic realignment towards sustainable solutions have contributed to these positive outcomes.
During the 2022 financial period, Kibo Energy achieved total revenues of £1,036,743, representing a substantial increase compared to £3,245 in the previous year. The operating loss also witnessed a significant decline, narrowing down to £10,570,952 from a loss of £24,071,363 in 2021. Similarly, the loss after tax for the year decreased to £10,908,524, reflecting a positive trend compared to a loss of £23,148,155 in the previous year.
Kibo Energy’s financial performance was influenced by several factors, including the consolidated results of its subsidiaries, Katoro Gold Plc and Mast Energy Developments Plc (MED). The company reported an impairment loss of £7,038,930, primarily attributed to Mast Energy Developments Plc (Bordersley), Mbeya Coal to Power, and Mabesekwa Coal to Power projects. This impairment was a result of the global shift towards renewable energy and Kibo’s execution of its renewable energy strategy.
Administrative expenditure increased to £2,579,028 in the year ended December 2022, highlighting Kibo Energy’s continued investment in renewable energy and exploration projects. Additionally, listing and capital raising fees rose from £321,365 to £363,368, and additional renewable energy and exploration project expenditure amounted to £847,567, primarily incurred by Kibo’s subsidiaries, including Mast Energy Developments Plc.
Despite these expenditures, Kibo Energy demonstrated improved cash outflows from company operating activities, which decreased to £759,985 compared to £491,229 in 2021. The group’s net debt position also improved to (£5,032,945), while the company’s net debt position amounted to (£2,659,817).
Furthermore, the loss per share decreased to £0.003 for December 2022, reflecting an improvement from £0.009 in the previous year. The headline loss per share also showed progress, reaching £0.0009 for December 2022 compared to £0.0007 in 2021.
Operational highlights in the 2022 year to date showcased Kibo Energy’s solidified position in sectors such as Waste to Energy, Biofuel, Reserve Power, and Renewable Energy Generation Long Duration Battery Storage. The company focused on projects in Southern Africa and the UK, achieving notable milestones and strategic partnerships.
Among the notable achievements, Kibo Energy proceeded with a joint venture agreement with Industrial Green Energy Solutions (Pty) Ltd to develop a portfolio of Waste to Energy projects in South Africa. The agreement secured a conditional Power Purchase Agreement for an initial 2.7 MW phase, with the potential to reach a total generation capacity of up to 50MW across multiple sites.
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