Business
RE Royalties Announces Second Quarter 2023 Financial Results and Key Business Highlights
All amounts in Canadian dollars unless otherwise stated VANCOUVER, BC / ACCESSWIRE / August 2...
About this update from Re Royalties Ltd.
[{"type":"text","content":"RE Royalties Announces Second Quarter 2023 Financial Results and Key Business HighlightsAll amounts in Canadian dollars unless otherwise statedVANCOUVER, BC / ACCESSWIRE / August 25, 2023 / 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 second quarter ended June 30, 2023 (\"Q2 2023\"). For further information on these results please see the Company's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis for Q2 2023, filed on SEDAR+ at www.sedarplus.com.Key business and financial highlights for Q2 2023 include:In May 2023, the Company acquired a royalty on 100MW of output from a wind project located in Alberta, Canada (\"Alberta Wind Project\") for $940,000 Canadian dollars. The Alberta Wind Project is owned by a major independent power producer with a power purchase agreement with a large corporate off taker. The Company will receive average annual royalty payments of approximately $132,000 per year, payable monthly for a period of 12 years.Teichos Energy LLC sold the Jackson Center Solar Project Phase 1 and 2, and subsequently repaid the outstanding loan and repurchased the royalty for US$1.15 million (\"Teichos Repurchase). This gain has been recorded as a component of revenue and income for Q2 2023.Quarterly revenue and income, including the share of income from the Company's investment in OCEP for the three months ended June 30, 2023, of $3,437,000, an increase of $2,250,000 or 189% over the similar period in the prior year.Year-to-date revenue and income, including the share of income from the Company's investment in OCEP for the six months ended June 30, 2023, of $5,262,000, an increase of $3,418,000 or 185% over the similar period in the prior year.Quarterly gross profit, including changes in fair value of financial assets and share of income in OCEP, for the three months ended June 30, 2023, of $3,349,000, an increase of $2,213,000 or 195% over the similar period in the prior year.Year-to-date gross profit, including changes in fair value of financial assets and share of income in OCEP, for the six months ended June 30, 2023, of $5,139,000, an increase of $3,466,000 or 207% over the similar period in the prior year.Quarterly Earnings Bef...