APR wins 220 MW contracts, announces revenue growth

APR Energy (APR) has won two new contracts, in Cyprus and Mexico, to supply a total of 220 MW of temporary power.

The power rental company has been awarded a 120 MW contract by the Electric Authority of Cyprus (EAC). This is to provide diesel generation units to the Moni Substation near Limassol in Cyprus.

It has also been contracted by Tractebel Energia de Monterrey, S. de R.L. de C.V., a subsidiary of IPR-GDF Suez, to supply 100 MW in gas turbines and technical support at the Monterrey Cogeneration facility in Nuevo Leon, Mexico.

The two new contract wins bring the total of contract awards in 2012 to 284 MW, including previously announced contracts in Angola (40MW) and Oman (24MW).

The strong start to the year follows strong growth in 2011, as detailed in APR's audited preliminary financial results, just released.

Pro-forma figures for the 12 months up to December 31, 2011, showed revenues up 69% to reach US$212.8 million. Operating profit was up 75% to US$60.3 million, and net profit reached US$41.4 million, against net profit of US$ 9.5 million in 2010. This growth was fuelled by order intake of over 500 MW, and included eight new contract wins and several extensions of existing projects.

APR's hubs in Panama and Dubai are now operational, while its Asia hub is on track to open in Malaysia in Q3 2012. This year will also see new fleet investment totalling US$230 million.