Earnings improve, but Renergen’s still running at a loss

Renergen CEO Stefano Marani at the Tetra4 gas plant in Virginia, the Free State. Picture: FREDDY MAVUNDA

Helium and natural gas producer Renergen expects its headline loss per share to narrow to 17.1c-22.6c for the year to end-February from a loss of 27.73c in 2022.Renergen subsidiary Tetra4 wholly owns the Virginia Gas Project in the Free State, which contains helium concentrations that are among the world’s highest.It sells helium to customers that include Ardagh Group and Italtile.

According to cash-flow statements that it must release as part of Australian listing requirements, Renergen sold R23.4m worth of helium and gas in the 12 months to end-February.It is expected to produce 2,700 gigajoules of liquefied natural gas a day and 350kg of helium when it completes phase one of its development. The group is gearing up for phase two of its development, a more substantial project that is expected to produce at least 24,000GJ at an estimated cost of $800m-$900m.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nigeria: Low-Skilled Nigerians in U.S. Boost Earnings By 1,500% - ReportNigerians migrate to Canada, the United States, and other European countries to seek opportunities
Source: allafrica - 🏆 1. / 99 Read more »

Samsung Electronics logs worst quarterly earnings in 14 yearsSamsung Electronics on Thursday reported its worst quarterly profits in 14 years, blaming slowing consumer spending on electronics and a global microchip glut that hit its core memory business.
Source: eNCA - 🏆 49. / 51 Read more »

Meta surges as earnings beat expectations after belt tighteningShares in Facebook parent Meta surged after the internet titan reported it made a profit of $5.7 billion in the first quarter of this year, beating forecasts after a massive wave of cost-cutting and layoffs.
Source: eNCA - 🏆 49. / 51 Read more »

MARKET WRAP: JSE reverses course amid conflicting signalsInvestors are torn between better-than-expected Big Tech earnings and fears of further pain in the US banking sector
Source: BDliveSA - 🏆 12. / 63 Read more »