(Alliance News) - Kibo Energy PLC on Wednesday said that 2019 was a consolidating year but, despite boasting a "robust" project portfolio, it remains sensitive to the effects of Covid-19 going forward.
The Africa focused energy company posted a pretax loss of GBP3.9 million for 2019, narrowing slightly from a GBP4.0 million loss a year prior. Loss narrowed thanks to investments and other income which was up to GBP645,922 from GBP38,042 a year prior.
Chair Christian Schaffalitzky said: "2019 was a year of consolidation for the company following key acquisitions during 2018 which included the Mabesekwa coal independent power project in Botswana, the Benga power plant project in Mozambique, and a 60% equity interest in Mast Energy Developments Ltd in the UK.
"These projects together with our legacy Mbeya coal to power project in Tanzania have positioned the company to be a global energy developer with a pipeline of projects which have seen steady development progress during 2019 and early 2020."
Schaffalitzky added that the company is making good operational progress but there are challenges which come with operating in three different countries with individual governments, local and international JV partners and various collaborators.
Going forward, Schaffalitzky said: "The company is sensitive to the continued volatility with respect to Covid-19 and will continue to closely monitor it in the various countries in which it operates to enable it to prioritise the health and well-being of all its stakeholders.
"I believe our project portfolio remains robust and we look forward to increasing our operations to normal levels over the remainder of 2020 and during 2021 when the Covid pandemic abates."
Kibo Energy shares were up 7.7% at 0.24 pence each in London on Wednesday morning and untraded in Johannesburg at ZAR0.07.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Kibo Energy (KIBO)