MPC Caribbean Clean Energy reported a net profit of US$1.93 million for the year ended December 31, 2019, after filing a loss a year before.
In results shared on the Trinidad and Tobago Stock Exchange, a majority of the company’s income came from dividend income, which totalled over US$1 million. MPC also earned income from valuation gain on investment.
Interestingly, MPC recorded a positive expense figure of US$40,865 as the prepayment of advertising costs, legal and professional fees, and processing fees outweighed all other expense categories. Expenses for financial year 2018 reached US$433,518.
Earning per share for the financial year was US$0.17 per share.
On a quarterly basis, the company earned US$1.68 from total income of US$1.89 million — the same figure for the year. Expenses for the quarter totalled US$210,854, which was 16 per cent less than US$251,848 recorded in the corresponding period a year prior.
Earning per share for the quarter was US$0.15.
An increase in cash and cash equivalents and investments in MPC Caribbean Clean Energy Fund resulted in a 6,200 per cent increase in total assets. During the year the company paid out dividends totalling over US$1.0 million.