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Source: Jade Power.
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  • Jade Power (JPWR.UN) has achieved a 77-per-cent increase in year-over-year net income for Q3 2021
  • The number was impacted by a one-time gain of C$0.7 million on the settlement of insurance claims relating to the repairs of a damaged wind turbine
  • The company also engaged in a 10-1 unit consolidation and subsequent NCIB to improve shareholder value
  • Jade Power acquires interests in renewable energy assets in Romania, other countries in Europe and abroad
  • Jade Power (JPWR.UN) is unchanged trading at $2.37 per share

Jade Power (JPWR.UN) has achieved a 77-per-cent increase in year-over-year net income for Q3 2021.

It generated 30,516 MWh for the quarter compared to 34,713 MWh in Q3 2020. Energy generation was lower primarily due to less favourable wind levels.

Revenue came in at C$4.3 million compared to $4.5 million in Q3 2020. The decrease was due to less energy generation, which was partially offset by an increase in income from green certificates.

Net income was $1.6 million, or $0.07 per trust unit, compared to $0.9 million, or $0.04 per unit, in Q3 2020. The number was impacted by a one-time gain of $0.7 million on the settlement of insurance claims relating to the repairs of a damaged wind turbine.

Adjusted EBITDA was $2.3 million, or $0.10 per unit, which is unchanged from Q3 2020.

Operating cash flows were $2.6 million, or $0.11 per unit, compared to $0.8 million, or $0.03 per unit, for Q3 2020.

The company may purchase for cancellation up to a maximum of 5 per cent of units outstanding from September 17, 2021, until September 16, 2022. There were no purchases under the NCIB during Q3 2021.

J. Colter Eadie, Jade Power’s CEO, stated,

“We had a positive third quarter continuing to generate positive free cash flow from our assets despite less windy conditions impacting our energy generation. Performance underpinned by the strength of our operating model and infrastructure continued to be in line with targets. We also successfully completed a unit consolidation and launched a unit buyback program which we believe is an attractive use of surplus funds, as we believe that at certain times the market price of the units may not fully reflect their value. We are focused on ways to improve value to our unitholders.”

Jade Power acquires interests in renewable energy assets in Romania, other countries in Europe and abroad.

Jade Power (JPWR.UN) is unchanged trading at $2.37 per share as of 10:36 am ET.

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