Green & Smart expecting 'profitable growth' in full year results

Palm oil biogas-focussed renewable energy company Green & Smart Holdings announced on Friday that its final results for the 12 months to 30 September 2016 would be during the week commencing 27 March.

The AIM-traded group said that, based on unaudited figures, it expected to report significant profitable growth from the previous year with full-year revenues and profit before tax broadly in line with market expectations.

Since its last update, the group reportedly continued to make progress with the development of its pipeline of wholly-owned and associated projects.

Good progress was made with the initial operation certificate received, and revenue was currently being earned from power sales in respect of its Kahang project.

“The receipt of the formal commercial operation certificate from the authorities has however been delayed and is now expected during the first half of the 2017 calendar year, which allows for power to be sold to the national utility at the full tariff rate,” Green & Smart’s board explained.

“The group now also expects to receive IOD for its completed Malpom project in the first half of the 2017 calendar year.”

Additionally, the expected completion of the group's wholly-owned plants at Minyak and Liziz had been delayed, but was still expected during the first half of the 2017 calendar year, in particular reflecting the expansion of palm oil mill effluent capture facilities due to an increase in the palm oil production volume at these mills.

“While this will not increase the capacity of energy that can be sold via the energy grid from these projects under the preferential tariff, it will allow for captive energy use at the biogas plants which will reduce the respective plants' operations & maintenance costs.”

Looking into 2017, the group said its various projects were progressing well and it would be providing a full update on the development and financing progress of its various wholly owned and associated projects in its full year results announcement.

“The company will also be publishing a notice of its inaugural annual general meeting at that time with such general meeting due to be held in the second half of April 2017.”