Business
RE Royalties Announces First Quarter 2024 Financial Results and Highlights
All amounts in Canadian dollars unless otherwise stated VANCOUVER, BC / ACCESSWIRE / May 30...
About this update from Re Royalties Ltd.
[{"type":"text","content":"RE Royalties Announces First Quarter 2024 Financial Results and HighlightsAll amounts in Canadian dollars unless otherwise statedVANCOUVER, BC / ACCESSWIRE / May 30, 2024 / RE Royalties Ltd. (TSX.V:RE)(OTCQX:RROYF) (\"RE Royalties\" or the \"Company\"), a global leader in renewable energy royalty-based financing, is pleased to announce the financial results for the first quarter ended March 31, 2024 (\"Q1 2024\"). For further information on these results please see the Company's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis for Q1 2024, filed on SEDAR+ at www.sedarplus.com.Key financial highlights for Q1 2024 include:Quarterly revenue and income for the three months ended March 31, 2024, of $2,637,000, an increase of $813,000 or 45% over the similar period in the prior year. The increase was attributable to an increase in the number of investments made during the last 12 months.Quarterly gross profit, including changes in fair value of financial assets, of $2,538,000, an increase of $785,000 or 45% over the similar period in the prior year.Quarterly Earnings Before Interest, Taxes, Depreciation and Amortization (\"EBITDA\") for Q1 2024 of $1,797,000, an increase of $451,000 or 34% over the similar period in the prior year.Quarterly net income after income tax of $659,000, an increase of $101,000 or 18% over the similar period in the prior year.Cash and cash equivalents of $14,614,000, including restricted cash, as of March 31, 2024.Key business highlights for Q1 2024 include:In January 2024, the Company entered into an agreement with Clean Communities Corporation (\"CCC\"), an Alberta-based Indigenous-led clean energy company, to provide a $1.7 Million secured loan (the \"CCC Loan\") to support the construction of a 4MW solar project (\"Sunrise Solar\") in Cardston, Alberta. The CCC Loan has a 60-month term and an interest rate of 13% per annum, compounded monthly. The Company will receive a gross revenue royalty of 5.0% on Sunrise Solar for 20 years after reaching commercial operations.In February 2024, the Company closed a loan and royalty agreement with Revolve Renewable Power Corp. (\"Revolve\") to support Revolve's acquisition of a portfolio of two operational run-of-river hydro projects in British Columbia, and one operational wind project in Alberta with a combined gross capa...