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0N0A Saga Tankers Asa

1.65
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Saga Tankers Asa LSE:0N0A London Ordinary Share NO0010572589 SAGA TANKERS ORD SHS
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.65 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Combination Utilities, Nec 106k -99.12M -0.2044 -8.07 800.05M

Saga Pure: Third quarter 2021 financial results

10/11/2021 6:33am

PR Newswire (US)


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OSLO, Norway, Nov. 10, 2021 /PRNewswire/ -- Saga Pure ASA (Saga Pure) (OSE: SAGA) reported a net loss in the third quarter 2021 of NOK 10.3 million (Q3 2020: NOK (3.1) million), not adjusted for the underlying positive value development in Bergen Carbon Solutions AS (Bergen Carbon Solutions), and a year-to-date return on equity of 15.4 percent. Including Bergen Carbon Solutions at market value, the 2021 return on equity exceeds 45 percent at the end of the third quarter of 2021.

"The companies in Saga Pure's investment portfolio continues the positive development, where especially Bergen Carbon Solutions has contributed to an underlying return on equity of over 45 percent at the end of the third quarter, when measured at market value. We continue to be highly selective in our investment approach and believe the current turbulent market development will provide opportunities," says Bjørn Simonsen, Chief Executive Officer of Saga Pure.

Saga Pure reported a net loss in the third quarter 2021 of NOK 10.3 million (Q3 2020: NOK (3.1) million), with a year-to-date return on equity of 15.4 percent. The company had NOK 704 million in cash at the end of the quarter. Saga Pure is an investment company, where holdings in certain companies are regarded as associated companies. Hence the underlying value development will not be reflected in the IFRS accounts.

"For Saga Pure, Bergen Carbon Solutions is an associated company where the corresponding value development is not included in the reported figures. Adjusting for the value development in Bergen Carbon Solutions, the return on equity year to date was 45.5 percent at the end of the third quarter and 70 percent when applying the market value as of 9 November 2021," Simonsen adds.

During the third quarter, Saga Pure exercised its options in Bergen Carbon Solutions AS and increased its ownership to 28%. Further, Saga Pure increased its ownership in Heimdall Power to 18.3% by investing NOK 9.6 million. During the quarter Saga Pure also distributed NOK 0.10 per share in dividend.

"Focus on renewable energy and the transition towards a more sustainable future continues to gain momentum. Saga Pure has built a strong investment team with broad industrial competence in accordance with our investment strategy and has evaluated more than 100 companies year to date. Our selective investment approach, combined with a solid operational development for our companies, continues to yield value creation and we will further pursue our active ownership model when evaluating potential new investments. With a significant deal-flow, a highly selective investment approach and a substantial investment capacity, Saga Pure is well positioned to capitalize on our green and sustainable investment strategy," Simonsen concludes.

Saga Pure will host an investor presentation 10 November at 08:00 CET and the presentation can be followed live at www.sagapure.com, or at

https://channel.royalcast.com/landingpage/hegnarmedia/20211110_2/

The presentation will be held at Haakon VIIs gate 2, Oslo.

The presentation of the financial results for the third quarter 2021 and the Board of Directors report are enclosed.

For additional information, please contact:

Bjørn Simonsen, CEO, +47 97 17 98 21

Espen Lundaas, CFO, +47 92 43 14 17

About Saga Pure | www.sagapure.com

Saga Pure ASA is an investment company focusing on opportunities within renewable energy, hydrogen, circular economy and CO2-reduction.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Espen Lundaas, CFO, Saga Pure ASA, on 10 November 2021 at 07:00 CET.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/saga-pure-asa/r/saga-pure--third-quarter-2021-financial-results,c3450282

The following files are available for download:

https://mb.cision.com/Public/20232/3450282/9bb478bfd27a1dbf.pdf

SAGA Q3 2021 Presentation

https://mb.cision.com/Public/20232/3450282/87df56e81d9e9daa.pdf

SAGA Q3 2021 Report

https://mb.cision.com/Public/20232/3450282/8008f3fbe5bbbac9.pdf

IC Technology Presentation

https://mb.cision.com/Public/20232/3450282/86f775474e83a4ed.pdf

SAGA OSE Notification Q3 2021

 

Cision View original content:https://www.prnewswire.com/news-releases/saga-pure-third-quarter-2021-financial-results-301420731.html

SOURCE Saga Pure ASA

Copyright 2021 PR Newswire

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