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Kibo Energy results highlight ‘transformational’ progress

“2018 was transformational for the company as we reoriented our business and implemented our strategy to be a global energy developer with multiple power projects focused primarily on Africa,” Christian Schaffalitzky said.

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In 2018 Kibo expanded and diversified its business

Kibo Energy PLC (LON:KIBO) has reported on what it described as a "transformational" year, with its financial results statement highlighting a number of key company milestones.

It expanded and diversified with the acquisition of the Mabesekwa coal independent power project in Botswana, the Benga power plant project in Mozambique, and a controlling interest in Mast Energy Developments Limited in the UK.

READ: Kibo lifted as MAST Energy completes Bordersley acquisition

The company’s original asset, the Mbeya coal to power project, received approval from Tanzania regulator TANESCO giving it permission to develop the mine project for the export market – after it did not qualify as a preferred applicant for thermal coal power in Tanzania.

The Benga project advanced with the completion of a feasibility study and its submission to the Mozambique authorities. Elsewhere, a scoping study was completed for Mabesekwa and a feasibility study is underway.

Kibo sold its interests in the Haneti nickel project to Katoro Gold, in line with its strategy to become a dedicated energy development company.

“2018 was transformational for the company as we reoriented our business and implemented our strategy to be a global energy developer with multiple power projects focused primarily on Africa,” said chairman Christian Schaffalitzky.

“This strategy has helped us to spread country and project risk and should present us with many opportunities within the strongly growing African energy sector.

He added: “The country diversification offered by our current African project portfolio is strategically positioned to help insulate the company from sovereign risk whilst also granting us the opportunity to participate in the opportunity arising from sub-Saharan Africa's urgent and increasing demand for reliable, sustainable and affordable electricity.”

In terms of financial results, the pre-revenue group reported a £4.03mln loss for the twelve months ended 31 December 2018, compared to a £4.51mln loss in the preceding year. At the end of 2018, Kibo had £654,158 of cash.

Quick facts: Kibo Energy PLC

Price: 0.45 GBX

LSE:KIBO
Market: LSE
Market Cap: £3.62 m
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