Crown Energy (CRWN) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was SEK 11.8 million, up from SEK 7.3 million in Q3 2023; nine-month revenue reached SEK 29.2 million, slightly above last year’s SEK 28.2 million.

• Operating loss improved to SEK -24.2 million in Q3 (from -26.8 million) and SEK -68.3 million for the nine months (from -78.3 million).

• Net loss after tax for Q3 was SEK -2.3 million (vs. -9.1 million), and SEK -45.8 million for the nine months (vs. profit of SEK 31.9 million last year).

• SEK 8 million received twice in 2024 under the oil & gas asset disposal agreement, totaling USD 123 million to date.

• Strategic partnership with KAYA Climate Solutions advanced, with convertible loans totaling EUR 900,000, potentially increasing shareholding to 20%.

Financial highlights

• Q3 net financial items were SEK 20.2 million (up from SEK 14.0 million); nine-month net financial items were SEK -4.2 million (down from SEK 142.4 million).

• Unrealized property value changes were positive at SEK 2.4 million in Q3 and SEK 19.3 million for the nine months (vs. negative SEK -6.8 million and -33.8 million, respectively).

• Earnings per share for Q3 was SEK 0.00 (vs. -0.01); for nine months, SEK -0.08 (vs. 0.08).

• Cash flow for the nine months was positive at SEK 64.9 million (vs. negative SEK -717.2 million last year).

• Equity per share at period end was SEK 0.84 (down from SEK 1.19 a year ago).

Outlook and guidance

• Asset management in Angola remains strong with occupancy rates above 90% and long-term lease commitments.

• Currency translation effects from Kwanza depreciation impacted SEK-reported revenues despite local growth.

• Continued focus on sustainable investments, including medical technology (AccYou Rate) and climate solutions (KAYA).

• Exploring renewable energy opportunities in Angola, especially green hydrogen.