GREKA ENGINEERING & TECHNOLOGY LTD GREKA ENGINEERING & TECHNOLOGY LTD.
("Greka Engineering" or the "Company")
Greka Engineering & Technology Ltd. (AIM: GEL), the unconventional gas sector engineering and technology business with pipeline, gas compression and power generation assets in China, is pleased to announce its audited financial results for the year ended 31 December 2014.
OPERATIONAL HIGHLIGHTS
· Sales of 123 gas station dispensers in 2014, a 9.6% decrease on the 136 sold in 2013
· No sales of wellhead compressors in 2014 (2013: 3 sold)
· No sales of SCADA in 2014 (2013: 2 sold)
· 977,965 MCF (27.7 MCM) of gas for sale were processed in 2014, (2013: 1,038,263 MCF processed (29.4 MCM) , a 5.8% decrease
· Sales of 10,915,738 kwh of power in 2014, (2013: 10,714,823 kwh), a 2% increase
· 4.9 km of gas gathering pipeline constructed in 2014 resulting in 41.9 km of total pipeline at the end of 2014
· 3.8 km of power line constructed in 2014, a total of 71.8 km of power lines at the end of 2014
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FINANCIAL HIGHLIGHTS
· Revenue increased by 41% to US$5.2m (2013:US$3.7m)
· Cash and bank deposits of US$2.6m at 31 December 2014 (2013: $3.5m)
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CORPORATE HIGHLIGHTS
· The Group's customer base increased by 43 (2013: 30 new customers) to 150 customers in China at year end (2013: 107 customers). This represented a 40% increase in the customer base
· Three-year power sales contract with Jiaqin Agriculture, the Company's first unaffiliated power client
· Power Line Construction Agreement with CUCBM, a CNOOC subsidiary
· No lost time due to injury or accident in 2014
Randeep S. Grewal, Executive Chairman of Greka Engineering, commented:
"We are quite pleased with the first full year of independent operations for Greka Engineering & Technology. The Company continued to make progress on building additional infrastructure for its key client Green Dragon Gas Ltd while continuing to process stable gas flows through our existing facilities. Additional clients have been added in "for power off take" and an enhanced pricing regime with all clients resulted in improved revenues. We look forward to steady growth in all our business sectors in 2015 as the unconventional gas market in China continues to grow independently from global oil price volatility."
Contacts:
Greka Engineering Betty Cheung, Director Corporate Affairs | +852 3710 0088 |
Smith & Williamson Nominated Adviser Dr Azhic Basirov / David Jones / Ben Jeynes | +44 20 7131 4000 |
WH Ireland
Broker +44 113 394 6600
Tim Feather
Walbrook
Media & Investor Relations + 44 20 7933 8780
About Greka Engineering & Technology
Greka Engineering & Technology Ltd., (AIM; GEL) was demerged from Green Dragon Gas Ltd. (AIM; GDG) ("Green Dragon Gas") via a dividend in specie and was admitted to trading on AIM in September 2013.
Greka Engineering offers turnkey solutions to over 100 upstream, midstream and downstream gas suppliers. The Company's technologies include Compressed Natural Gas/Liquefied Natural Gas (CNG/LNG) compressor equipment, CNG retail dispenser equipment and CBM wellhead extraction technologies. The Company also supplies proprietary Integrated Circuit Card Point of Sale (ICC POS) and Supervisory Control and Data Acquisition (SCADA) software and hardware solutions for the remote management of transmission systems, power facilities, vehicle management and retail services.
In addition, the Company invests in, operates and maintains wholly owned assets for its customers in return for service contracts based on the volume management.
The Company has historically completed several Engineering, Procurement, Construction and Management (EPCM) contracts including the design, construction and management of gas gathering systems, a gas pipeline in Shanxi Province to the China West-East pipeline, the installation and commissioning of a 10MW gas-fired power facility in the Shanxi province and the construction of CNG retail stations.
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