(Alliance News) - Kibo Energy PLC on Friday reported a widened loss due to a once-off capital raising fee, but it remains upbeat on its recent shift in strategy that will see the firm move away from coal and into renewable energy.
The Africa- and UK-focused company reported a pretax loss of GBP1.8 million in the six months to June 30, widened from GBP1.3 million last year.
The company booked a capital raising fee of GBP417,315, which didn't feature the year before.
Kibo had no revenue either year.
"Following a shift in international climate policies, we recently announced a significant pivot in our strategy. We have decided to focus on the acquisition and development of a portfolio of sustainable, renewable energy assets and dispose of, or reposition, our fossil fuel utility projects," Kibo said.
Kibo's large-scale coal utility projects - Benga, Mbeya and Mabesekwa - "remain in good standing", and the company is currently looking at how these can be disposed of "while realising a significant portion of their value".
Chair Christian Schaffalitzky said: "Kibo has developed much experience in the renewable energy sector in recent years primarily through its work in developing renewable energy and storage solutions for integration with its large utility coal projects in Africa.
"The company was also a key driver behind Mast Energy Developments PLC (Kibo holds a 55% equity stake) which has an ambitious reserve energy site portfolio and recently completed a successful IPO on the London Stock Exchange. While Mast's focus is on the niche reserve energy/peaking power site development in the UK, Kibo's will rather concentrate on renewable energy and waste-to-energy opportunities."
Kibo Energy shares were up 0.2% at 0.23 pence in London early Friday. The company has GBP5.6 million market capitalisation.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Kibo Energy (KIBO)
Mast Energy. (MAST)