Nadav Tene (photo by Oren Biran, pixabay, unsplash)
After three good quarters, Nofar Energy shifted to losses in the fourth quarter of the year. The company’s move to an operating loss in the fourth quarter of this year is quite disappointing however it has raised its forecasts for 2022 so investors are sending the stock up more than 4%.
Thus, in the fourth quarter of the year, Nofar achieved revenues of NIS 92.1 million, following revenues of close to NIS 100 million in the third quarter and revenues of NIS 90 million in the second quarter and NIS 78.6 million in the first quarter.
More in-
In the fourth quarter of the year, Nofar posted an operating loss of NIS 3.2 million, compared with an operating profit of NIS 4.9 million in the third quarter of the year. Nofar, as mentioned, also lost in terms of the bottom line when it posted a net loss of NIS 3.2 million in the fourth quarter, compared with a profit of almost NIS 4 million in the third quarter of the year.
A review of the company’s financial statements does not provide explanations for what happened in the fourth quarter of the year as the construction costs of new facilities also decreased but an interesting point that can provide explanations for the loss in the fourth quarter is the jump in the company’s management expenses. NIS 8 million, compared with NIS 4.3 million in the third quarter of the year.
We will note only when the company does not specify the reason for the doubling of management expenses in the fourth quarter of the year (relative to the third), which is very strange in light of the fact that this is a material change between the third and fourth quarters.
It will only be mentioned that since December 2020, Nofar has raised almost NIS 1 billion from the public, with almost NIS 580 million raised through the issuance of 5.8 million shares and the balance raised through the issuance of bonds.
Naturally, the company notes the positive points in the report. Points that include the connected project power that increased to about 438 megawatts, an increase of 313% compared to the beginning of 2021. The company has completed the construction of hundreds of projects with a capacity of over 300 megawatts and it presents Sharp increase in the power of the projects under construction for 729 megawatts of solar systems and 808 megawatts per hour of storage facilities, a growth of 317% compared to the beginning of 2021.
Nofar also indicates the scope of its connected projects and the projects under construction with a capacity of 1,167 megawatts of solar systems and 814 megawatts of storage facilities, which are expected to generate annual revenues from electricity generation of NIS 875 million.
Nadav Tene said that “We led the hoarding revolution in Israel with the first connected projects and leveraged the knowledge and experience to enter the establishment of the largest hoarding project in the UK.
“In the coming year, this infrastructure will allow another significant leap forward in the scope of projects we open, clean and connect, and accordingly we have updated the forecasts and goals plan for the coming years.” We expect to maintain the high profitability that the company presents in its various activities. “
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