Saga Pure: First quarter 2022 financial results

(Oslo, 10 May 2022) Saga Pure ASA (Saga Pure, OSE: SAGA) reported a net profit in the first quarter 2022 of NOK 53.6 million (Q1 2021: NOK 147.8 million), corresponding to a year-to-date return on equity of 5 percent.

“During the first quarter of 2022, we have witnessed volatile markets. We thus continue to be selective in our investment approach and focus on further developing the companies in our portfolio. We still have strong conviction of our portfolio companies, supported by our increased exposure in Bergen Carbon Solutions and Horisont Energi during the quarter. We hold a significant cash position and believe the volatile markets will provide opportunities going forward,” says Bjørn Simonsen, Chief Executive Officer of Saga Pure.

Saga Pure reported a net profit in the first quarter 2022 of NOK 53.6 million (Q1 2021: NOK 147.8 million), with a reported return on equity of 5 percent for the first quarter. The company had NOK 680.2 million in cash at the end of the quarter. Saga Pure is an investment company, where holdings in certain companies are regarded as associated companies. Hence, the full underlying value development will not be reflected in the consolidated financial statements.

During the first quarter, Saga Pure increased its exposure in Bergen Carbon Solutions and Horisont Energi by investing NOK 25 million and NOK 32 million respectively. HYON, where Saga today has an ownership of 17.6 %,  completed an equity issue of NOK 50 million and was listed on Euronext Growth during the quarter.

“From last year’s restructuring of HYON, Saga Pure has taken an active role in the further development of the company. With the equity issue and subsequent listing on Euronext Growth, HYON is now well-positioned to play a key role in enabling zero emission solutions for the maritime sector on a global scale. This ability to support our portfolio companies is enabled by our selective investment approach and a strong investment team with broad industrial competence,” says Simonsen. 

Saga Pure will host a company update on 10 May at 12:00 CEST. The Presentation will be held at Haakon VII’s gate 2, Oslo And can also be followed live at www.sagapure.com, or at https://channel.royalcast.com/landingpage/hegnarmedia/20220510_2/

The presentation of the financial results for the first quarter 2022 and the Board of Directors’ report is enclosed.

ENDS

For additional information, please contact:

Bjørn Simonsen, CEO, +47 971 79 821

Espen Lundaas, CFO, +47 924 31 417

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 10 May  2022 at 08:00 CET.