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WindForce posts Rs 2.05 bn Profit After Tax in 3Q

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Business

WindForce PLC, in the 3rd Quarter 2021/22 financial results, recorded a consolidated revenue of Rs 3.6 billion, with Profit After Tax posting an increase of 4% to Rs 2.05 billion from Rs 1.97 billion YoY.

WindForce, which debuted on the Colombo Stock Exchange in April 2021, has since declared an unprecedented dividend pay-out of Rs 1.76 bn. WindForce, also saw its solar sector posted a significant growth of 22% in the comparable nine months. This was due to notable contributions by the newly commissioned Tororo Solar Plant in Uganda in August 2020 and the newly acquired rooftop solar plant, Sky Solar (Pvt) Limited in September 2021.

The hydropower sector saw an impressive volume increase of 28% in hydro power generation which is reflected in the YoY revenue growth of 25%. The wind sector recorded a higher output generation compared to last year but with both Daily Life and PowerGen entering its second tier in operation and seeing a drop in tariff rate, a 10% revenue decline YoY in the nine-month period is observed.

Reinforcing its commitment for greener energy choices the company also unveiled plans for commissioning of a 10MW solar power plant in Vavunathivu in May, and 15MW Hiruras Wind Power Plant in Mannar by the end of the year.

WindForce has also launched the initial stages of construction of the 15MW Hiruras Wind Power Plant in Mannar.

The plant, billed for completion by end 2022, will use state-of-the-art gearless technology, which allows a greater efficiency and is in line with global standards on Wind production.

With this additional capacity, WindForce will add a total output capacity of 25 MW to the national grid this year, resulting in a saving of over 10 million litres of fuel annually and in tandem, the saving of valuable foreign exchange, while furthering energy security in the country.

 

Thursday, February 17, 2022 – 01:00











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