OSLO, Norway, May 9, 2021 / PRNewswire / – Pure Saga ASA (Pure Saga) (OSE: SAGA) reported first quarter 2021 net profit of NOK 147.8 million, representing a quarterly return on equity of 16%, (Q1 2020: -NOK 101.0 million) following a positive evolution of the company’s investment portfolio in renewable energies, hydrogen, circular economy and CO2 reductions.
“The first quarter was an eventful period for Saga Pure with strong business development activity for our investment team focused on renewable energies, hydrogen, circular economy and CO.2 reductions. We announced quarterly return on equity of 16%, announced investments in Heimdall Power, Pryme and IC Technologies, owned NOK 833 million in cash, which provides a solid platform for further growth and expansion in 2021, ”says Bjørn Simonsen, CEO of Saga Pure.
Saga Pure reported first quarter 2021 net income from continuing operations of NOK 147.8 million, from -NOK 101.0 million in the corresponding quarter in 2020, driven by the positive development of the investment portfolio, representing a return on equity of 16%. The company had NOK 833 million in cash at the end of the quarter.
During the first quarter, Saga Pure invested in:
- Pryme – The company uses a modified pyrolysis process that converts plastic waste into pyrolysis oil that will be refined downstream for the production of new plastic.
- Heimdall Power – The company is delivering a rapid transition to fully digitized power grid assets with its portfolio of patented, low-cost sensors and software.
- IC Technologies – The company develops cryogenic gas storage and distribution solutions with a focus on liquid hydrogen.
“The focus on renewable energy and the transition to a more sustainable future is gaining momentum, supported by increasingly strong policy actions from governments around the world. Along with the assessment of a number of investment opportunities, Saga Pure is focusing on building a team of strong and broad industrialists. With no interest bearing debt and substantial liquidity following the divestiture of old investments and recent private placements, Saga Pure is well positioned to explore new possibilities for our green and sustainable investment strategy, “Simonsen concludes.
Saga Pure will host an investor presentation on May 10 at 10:00 am CET and the presentation can be followed live at www.saga-pure.com, or to https://channel.royalcast.com/landingpage/hegnarmedia/20210510_3/
The presentation of the financial results for the first quarter of 2021 and the report of the Board of Directors are appended.
For more information, please contact:
Bjørn Simonsen, CEO, +47 97 17 98 21
Espen Lundaas, CFO, +47 92 43 14 17
About Saga Pure ASA | www.saga-pure.com
Saga Pure ASA is an investment company that focuses on opportunities in renewable energies, hydrogen, circular economy and reduction of CO2 emissions.
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SOURCE Saga Pure ASA