AB KN Energies (hereinafter - KN, the Company) announces the unaudited consolidated (hereinafter - the Group) and separate financial results for the six months ended 30 June 2024.
Key financial indicators for the 1-6 months of 2024:
| EUR millions | Group | Company | ||
| 1-6 months of 2024 | 1-6 months of 2023 | 1-6 months of 2024 | 1-6 months of 2023 | |
| Revenue | 42.6 | 42.4 | 40.8 | 40.9 |
| EBITDA | 21.7 | 16.7 | 20.7 | 16.2 |
| Net profit (loss) | 1.5 | 8.1 | 0.8 | 7.7 |
| Adjusted net profit (loss) | 6.3 | 3.3 | 5.7 | 2.9 |
Management comment:
In January-June this year, the Group's revenue was 1% higher than in the same period a year ago (H1 2024: EUR 42.6 million; H1 2023: EUR 42.4 million), while EBITDA grew by 30% (H1 2024: EUR 21.7 million; H1 2023: EUR 16.7 million) and adjusted net profit by EUR 4.4 million (H1 2024: EUR 6.3 million; H1 2023: EUR 1.9 million).
Despite the challenging market conditions in the eastern Baltic Sea ports, which loaded 27% less liquid energy products in 1-6 months of 2024 than in the same period of 2023, KN Energies' liquid energy terminals' loading rates remained stable (H1 2024: 1.9 million t; H1 2023: 1.95 million t of liquid energy products). The revenue of this segment was EUR 405 thousand higher than in the same period last year, amounting to EUR 14.6 million. The stable revenues of this segment were supported by the growing demand for product storage services and the increase in biofuel and bitumen loading volumes.
The regulated LNG segment's revenue for the first half of 2024 was EUR 22.65 million, down EUR 2.15 million compared to the same period in 2023, but due to EUR 2.8 million lower costs, the segment's adjusted net profit for the first half of 2024 was higher by EUR 723 thousand compared to the same period in 2023, reaching EUR 841 thousand.
The decrease in revenues of the regulated LNG segment was mainly due to the repair and maintenance works of the FSRU Independence in a dry dock in Denmark in May, during which the Klaipeda LNG terminal operations were temporarily suspended.
New projects secured abroad, operations in Brazil and the development of the Klaipeda LNG value chain led to an increase in the segment's revenues by more than 50%: the adjusted revenues of the commercial LNG segment for January-June 2024 amounted to EUR 5.36 million (H1 2023 - EUR 3.4 million), and the net profit amounted to EUR 2.46 million (H1 2023 - EUR 0.5 million).
Enclosed:
- Consolidated and Separate Financial Statements of AB KN Energies for 6 months period ended 30 June 2024.
- Presentation of the unaudited financial results of the Group for the 6 months period of 2024.
Tomas Tumenas, Chief Financial Officer, +370 46 391772
