Local energy company Mora Ven Holdings Limited has generated a before-tax profit of $8.8 million for the nine months ending September 30.The group's interim financial statements show that revenue grew by 85 per cent and operating expenses by 73 per cent compared to the same period in 2012. The group's assets have now reached $295,696,853.
Executive chairman George Nicholas III said in a statement to shareholders: "We are establishing ourselves as the preferred supplier of our high quality renewable energy applications from California to Guyana and beyond."The patented products that we manufacture are doing well. Our Caribbean sales team has just returned from Brazil where solar energy has the support of that country's legislators. Results for Q3 have shown continued growth on previous periods.
"In Q4, the solar market in the USA and other international markets will have a positive impact on the balance sheet, whilst it has taken time to obtain the necessary permits and we have incurred other associated start-up costs, we believe with our depth of products that growth will continue to show a sustained upward trajectory. "The company experienced some breaks in production due to the failings of upstream companies. However, this has been overcome.
"With the potential for increasing production, the future for Mora crude is secure. I have previously mentioned our hope for the field following the investigative work on the potential reserves," Nicholas said."Suffice it to state that based on the interpretation of the field using state of the art seismic acquisition and interpretation, we can assure that crude will remain steadfastly an important component of the Group. The acquisition of a snubbing unit capable of drilling will make good use of advice we have received following the investigations."
Nicholas said Mora Ven's oil platform is undergoing structural upgrades by a certified global contractor who is conducting repairs to the helideck, drainage, access and egress as well as other work on the deck, handrails and other areas.The company's new natural gas compressor will be up and running by the end of Q4 in addition to the two new generators which have been installed, one diesel and the other, gas.
Nicholas said: "Accelerating this present growth rate will put the Group in a good place by the end of Q4 and we should, subject to unforeseen issues, be in a position to make payment of a further dividend, continuing the trend of recent times of returning to investors a dividend on their shares."