Headline earnings per share (HEPS) in Mahube Infrastructure soared to 95.68 cents in the year to end February 2024, an uplift from the 53.68c headline loss per share the company recorded in the prior year.
The company also received dividends amounting to R50.1 million compared to R18.0m during the period under review.
Mahube is equity invested in wind farms and three solar photovoltaic farms that have collective power generation capacity of about 400MW.
Some of the company’s renewable energy assets were licensed under South Africa’s Bid Window Round 1 of the Renewable Energy Independent Power Producer Procurement Programme in South Africa.
One project was licensed during Bid Window Round 2, with each asset generating and selling electricity to power utility Eskom under a 20-year power purchase agreement.
During the full year under review, Mahube lifted revenues to R68.2m compared to a negative R14.1m in the comparative period.
The company’s net asset value per share has resultantly grown from R9.91 to R10.52.
Mahube attributed the positive change in fair value of its financial assets, which increased the revenue by R17.2m compared to a decrease of R33.1m in the comparative period, to a revision of wind forecasts and more favourable macroeconomic indicators.
The dividend income portion of Mahube’s total revenue was R50.1m, rising from R18m in the prior year.
“This increase in dividend income is attributable to healthy dividends received from our investee companies, together with two of the projects paying special dividends with their respective project refinancing,” it said.
Operating expenses for the period decreased slightly from R15.4m to R15.1m.
BUSINESS REPORT