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EARNINGS UPDATES: Kropz annual loss widens on impairments

Mon, 31st Jul 2023 14:36

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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Kropz PLC - South Africa-focused phosphate producer and developer - Says pretax loss in 2022 widens to USD97.2 million from USD18.3 million a year prior. This is attributed to an impairment loss of USD92.7 million. Posts no revenue for 2022, unchanged from the year before. Looking ahead, says it is "confident in the inherent value contained within each of its core assets." Adds its shares have been restored to trading on AIM after having been suspended at the beginning of July.

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Unicorn Mineral Resources PLC - Irish mineral exploration company, focused on exploration for carbonate-hosted copper, lead, zinc, and silver mineral deposits in the Irish Midlands ore field - For the year ended March 31, says pretax loss narrows to EUR424,579 from GBP515,712, attributed to an 18% drop in administrative expenses to EUR424,579 from the year before. Posts no revenue for the year, unchanged from a year prior. Looking ahead, says its next step is to focus on drilling programme at its Kilmallock project in Ireland.

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Orient Telecoms PLC - Singapore headquartered telecommunication services provider - For the year ended March 31, says pretax profit grows by 16% to GBP40,319 from GBP34,719 a year prior. This was partly driven by a rise in finance income to GBP1,952 and a 36% growth in other income to GBP10,228. Revenue falls by 24% to GBP463,418 from GBP611,544 the year prior, attributed to some terminations of contracts. Looking ahead, says it will focus on artificial intelligence integration and market expansion.

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Hellenic Dynamics SA - London-based cultivator and supplier of tetrahydrocannabinol-dominant strains of medical cannabis flowers - In the 15 months to March 31, says pretax loss widens to GBP4.9 million from GBP349,4000 a year prior. This is driven by administrative expenses of GBP1.2 million and reverse acquisition expenses of GBP3.7 million. Says it recorded no revenue, unchanged from 2021, as it is completing the build and fit-out of its cultivation facilities. Adds it receives a EUR304,425 European Union grant through the Horizon Europe project for its cultivation strategy which uses artificial intelligence to assist with the provision of "consistent medical cannabis products."

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Minoan Group PLC - London-based Greek hotel investor - For the six months ended April 30, says pretax loss narrows to GBP286,000 from USD542,000 a year prior, driven by finance costs falling by 76% to GBP66,000 and operating expenses dropping by 16% to GBP220,000. Posts no revenue for the year.

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Zenith Energy Ltd - Africa, Middle East and Europe-focused energy production and development company - In the year ended March 31, says it swings to a pretax loss of CAD12.2 million, around GBP7.2 million, from a pretax profit of CAD64.7 million a year prior. Adds revenue rises by 61% to CAD13.2 million from CAD8.2 million, driven by contracts with customers. Chief Executive Officer Andrea Cattaneo says: "The results for the 2023 FY represent the highest revenue generation recorded by the company during its history...Zenith has newly embarked on an exciting acquisition campaign, with multiple potential acquisition opportunities currently under review across different geographies. It is the Board's intention to build on the progress achieved during the 2023 to maximise revenue generation and profitability in the interests of the company's successful long-term development."

By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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3 Apr 2024 18:42

EARNINGS AND TRADING: Saint-Gobain buys Bailey Group; Kropz inks loan

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28 Mar 2024 14:08

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28 Mar 2024 12:00

IN BRIEF: Kropz reports GBP30.2 million revenue; annual loss narrows

Kropz PLC - South Africa-focused phosphate producer and developer - Says pretax loss narrows to USD13.5 million in 2023 from USD97.8 million the year before. In 2022, the firm had paid impairment losses of USD92.7 million, compared to none in 2023. Meanwhile, reports revenue of USD30.2 million in 2023, after having generated no revenue the year before.

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27 Mar 2024 11:16

TRADING UPDATES: Sorted renews M&S deal; Tribe completes drill build

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29 Feb 2024 13:00

IN BRIEF: Kropz financial manager resigns, names successor

Kropz PLC - South Africa-focused phosphate producer and developer - Financial Manager Louis Swart resigns as of Thursday, with Kropz naming Werner Greyling as successor. Greyling is a member of the South African Institute of Chartered Accountants.

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24 Jan 2024 12:31

IN BRIEF: Kropz sells phosphate concentrate to Kropz Elandsfontein

Kropz PLC - South Africa-focused phosphate producer and developer - Notes sale of 67,873 tonnes of phosphate concentrate from Kropz Elandsfontein (Pty) Ltd during the fourth quarter of 2023. This brings sales to 262,703 tonnes for the 12 months ended December 31. Kropz says it "remains committed to growing its sales pipeline" and has scheduled sales to take place in the first quarter of 2024.

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17 Jan 2024 14:21

IN BRIEF: Kropz makes final drawdown of ZAR52.5 million on loan

Kropz PLC - South Africa-focused phosphate producer and developer - Makes final drawdown of ZAR52.5 million on loan, the drawdown was announced in December. In November, it entered into a new conditional convertible equity facility of up to ZAR550 million. The facility was signed with a major shareholder, the ARC Fund, to meet immediate cash requirements at Kropz Elandsfontein (Pty) Ltd.

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15 Dec 2023 21:26

EARNINGS AND TRADING: Smoove says acquisition by Digcom approved

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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8 Dec 2023 12:29

IN BRIEF: Kropz makes final drawdown on ZAR550 million facility

Kropz PLC - South Africa-focused phosphate producer and developer - Says it has now made final drawdowns on its bridge loan for ZAR20 million, around GBP841,039, and ZAR7.5 million. In September, Kropz said Kropz Elandsfontein (Pty) Ltd and The ARC Fund have agreed to a ZAR250 million. It said the loan facility to meet immediate and additional near-term funding requirements at Elandsfontein. The facility will be used to progresses commercial sales, and also to meet Elandsfontein's interest and capital payment obligations to BNP Paribas SA. In November, it entered into a new conditional convertible equity facility of up to ZAR550 million.

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8 Nov 2023 15:07

IN BRIEF: Kropz changes accounting reference dates to March-end

Kropz PLC - South Africa-focused phosphate producer and developer - Changes its accounting reference date to March 31, from December 31. Accordingly, its current accounting period, which began on January 1, will now end on March 31, 2024.

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23 Oct 2023 13:30

IN BRIEF: Kropz makes ZAR75 million drawdown on bridge loan facilities

Kropz PLC - South Africa-focused phosphate producer and developer - Makes second drawdown on ZAR250 million - around GBP10.8 million - bridge loan facility with its major shareholder the ARC Fund. Says drawdown is for ZAR75 million. The first was for ZAR155 million. The facility was agreed to meet immediate cash requirements at Kropz Elandsfontein Pty Ltd.

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3 Oct 2023 11:49

IN BRIEF: Kropz shares jump as receives extension for outstanding loan

Kropz PLC - South Africa-focused phosphate producer and developer - Notes that French bank BNP Paribas SA extends its waiver for loan facility to December 31. Outstanding amount is USD15.0 million. "A replacement loan is expected to be in place by the last quarter of 2023, before expiry of the facility," Kropz says.

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29 Sep 2023 11:50

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28 Sep 2023 14:06

IN BRIEF: Kropz interim loss narrows as notes record rainfall

Kropz PLC - South Africa-focused phosphate producer and developer - In the six months to June 30, pretax loss narrows to USD4.0 million from USD61.0 million a year prior. Reports USD14.1 million revenue for the first half of 2023, compared to none a year prior. Cost of sales are USD16.4 million in the first half of 2023, compared to none in the first half of 2022. "With the unexpected record rainfall experienced in the Western Cape the mining plan was amended to consider higher rainfall in winter periods to minimise the effects of wet mining conditions," company notes. Looking ahead, expects to stay in operational existence until at least December next year.

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18 Sep 2023 17:07

TRADING UPDATES: Kropz makes ZAR155 million draw down on loan

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

Read more

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