OSLO, Norway, Feb. 17, 2021 /PRNewswire/ -- Saga Pure ASA (Saga Pure) (OSE: SAGA) reported a net profit in the fourth quarter 2020 of NOK 213.3 million, (Q4 2019: NOK 41.6 million) following a positive development for the company's new investment strategy within renewable energy, hydrogen, circular economy and CO2 reductions.
"The fourth quarter was an eventful period for Saga Pure following the transformation to a new investment strategy within renewable energy, hydrogen, circular economy and CO2 reductions. We did our first investments in Everfuel, Bergen Carbon Solutions and Horisont Energi in the quarter, in addition to raising over 400 million in capital to position Saga Pure for further growth and expansion in 2021," says Bjørn Simonsen, Chief Executive Officer of Saga Pure.
Saga Pure reported a net profit from continued operations in the fourth quarter 2020 of NOK 213.3 million, up from NOK 41.6 million in the corresponding quarter in 2019, driven by the positive development of Everfuel. Following the capital raises in the quarter, Saga Pure ended 2020 with a cash balance of NOK 476 million.
"Saga Pure sees significant opportunities within our green investment universe and the team has extensive technical and financial expertise, an unparalleled deal-flow and leverages on the backing and capabilities from the Ferncliff group," Simonsen continues.
After the closing of the quarter, Saga Pure completed a subsequent offering and realized the Everfuel investment with a net gain of NOK 260 million, contributing to a cash position of NOK 800 million primo February 2021. The company has also applied for a transfer of the listing of the Saga Pure shares from Euronext Expand to Oslo Børs.
"We are currently evaluating a number of investments in companies that can take a leading position in their field, while maintaining a solid cash position to ensure financial robustness and flexibility. Additionally, Saga Pure will expand the organization further with additional industrial expertise to continue the search for the solutions that contribute to a greener future," Simonsen concludes.
Saga Pure will host an investor presentation 17 February at 08:00 CET and the presentation can be followed live at www.saga-pure.com, or at
https://channel.royalcast.com/landingpage/hegnarmedia/20210217_2/
The presentation of the financial results for the fourth quarter and the Board of Directors report are enclosed.
For additional information, please contact:
Bjørn Simonsen, CEO, +47 97 17 98 21 or bjorn.simonsen@saga-pure.com
Espen Lundaas, CFO, +47 92 43 14 17 or espen.lundaas@saga-pure.com
About Saga Pure | www.saga-pure.com
Saga Pure ASA is an investment company focusing on opportunities within renewable energy, hydrogen, circular economy and CO2-reduction.
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https://news.cision.com/saga-pure-asa/r/saga-pure--fourth-quarter-2020-financial-results,c3288224
The following files are available for download:
https://mb.cision.com/Public/20232/3288224/a891e3d9c3c1bfb8.pdf | SAGA Q4 Report |
https://mb.cision.com/Public/20232/3288224/ba149625c405442c.pdf | OSE Notification SAGA Q4 2020 |
https://mb.cision.com/Public/20232/3288224/9c963dfab1529f3e.pdf | SAGA Q4 2020 Presentation |
https://mb.cision.com/Public/20232/3288224/8e89e8f800ea1e5b.pdf | Bergen Carbon Solutions company presentation |
