Saga Pure: Second quarter 2021 financial results

OSLO, Norway, Aug. 29, 2021 /PRNewswire/ -- Saga Pure ASA (Saga Pure) (OSE: SAGA) reported a net profit in the second quarter 2021 of NOK 3.5 million (Q2 2020: NOK 47.1 million), with a year-to-date return on equity of 16.5 percent, following a positive development for the company´s investment portfolio within renewable energy, hydrogen, circular economy and CO₂ reductions. The Board of Directors has decided to distribute a dividend of NOK 0.10 per share for the quarter.

"The second quarter was generally a challenging period for the green tech sector where we observed a significant revaluation of companies across our investment universe. Despite the market turbulence during the first half of 2021, Sage Pure performed well and reported a return of equity of 16.5% year to date, fueled by the operational development in the companies in which we are invested. We continue to be highly selective in our investment approach and believe the market development will provide opportunities," says Bjørn Simonsen, Chief Executive Officer of Saga Pure.

Saga Pure reported a net profit in the second quarter 2021 of NOK 3.5 million (Q2 2020: NOK 47.1 million), with a year-to-date return on equity of 16.5 percent. The company had NOK 796 million in cash at the end of the quarter.

During the second quarter, Saga Pure partnered with Nel ASA and Norwegian Hydrogen AS and invested in Hyon AS. The company has been developing hydrogen energy solutions for the maritime sector since 2017, and will focus on the further development and commercialization of the hydrogen and bunkering solution for harbors.

"Sustainability is at the top of the agenda within the maritime sector, and hydrogen will play an important role in the future, maritime fuel mix. An entirely new value chain needs to be developed, and a key part of that is transferring hydrogen from the harbors to the vessels. Hyon is currently developing solutions for production and fueling of hydrogen ships and we look forward to take an active role of the further development of these solutions," says Simonsen.

The Board of Directors has decided to distribute a dividend of NOK 0.1 per share for the quarter.

"Focus on renewable energy and the transition towards a more sustainable future is gaining momentum, despite the recent market turmoil. Saga Pure is focused on building a team of strong and broad industrial competence in accordance with the new investment strategy and has evaluated approximately 100 companies year to date. With a significant deal-flow, a highly selective investment approach and a substantial investment capacity, Saga Pure is well positioned to capitalize on our green and sustainable investment strategy. Following the positive development in the first half of 2021, the Board of Directors has decided to distribute a dividend of NOK 0.1 per share," Simonsen concludes.

Saga Pure will host an investor presentation 30 August at 10:00 CET and the presentation can be followed live at www.sagapure.com, or at https://channel.royalcast.com/landingpage/hegnarmedia/20210830_2/

The presentation will be held at Haakon VIIs gate 2, Oslo.

As a consequence of the Covid-19 pandemic, there will be a limited number of guests at the physical presentation of the results. Please send a request to [email protected] with full name if you want to participate at the Q2 presentation.

A confirmation of participation will be needed to access the event.

The presentation of the financial results for the second quarter 2021 and the Board of Directors report are enclosed.

For additional information, please contact:

Bjørn Simonsen, CEO, +47 97 17 98 21

Espen Lundaas, CFO, +47 92 43 14 17

About Saga Pure | www.sagapure.com

Saga Pure ASA is an investment company focusing on opportunities within renewable energy, hydrogen, circular economy and CO2-reduction.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Espen Lundaas, CFO, Saga Pure ASA, on 29 August 2021 at 17:00 CET.

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SOURCE Saga Pure ASA