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ContourGlobal PLC said on Friday it delivered a record financial performance in 2021 as a result of good power plant operations and increased its quarterly dividend payout.
The London-based power generation company with assets across the world reported a pretax profit of $142.9 million in 2021. This was nearly double the previous year's figure of $72.3 million.
Revenue totalled $2.15 billion, up 53% from $1.41 billion. Of this, thermal energy revenue grew 77% year-on-year to $1.71 billion, while renewable energy declined 0.8% to $443.7 million against the previous year.
ContourGlobal said this revenue increase was mainly driven by its Western Generation acquisition completed in February, higher CO2 pass through revenue from its Maritsa thermal power plant in Bulgaria and higher pricing at its Arrubal power plant in Spain.
Adjusted earnings before interest, tax, depreciation and amortisation grew 17% to $841.5 million from $722.0 million.
The company declared a fourth quarter dividend of 4.465 cents per share, reflecting a 10% year-on-year growth.
ContourGlobal added it has started the financial year positively and is currently trading ahead of expectations.
Shares in ContourGlobal were up 0.6% at 191.60 pence on Friday morning in London.
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