February 13, 2025
MPC Caribbean Clean Energy Limited (MPCCEL)
Unaudited financials for the twelve months ended December 31, 2024:
MPC Caribbean Clean Energy Limited (MPCCEL) for the twelve months ended December 31, 2024 reported a Valuation loss on investment totaling US$2.76 million compared to the Valuation gain of US$1.82 million in the corresponding period last year. Valuation loss on investment for the fourth quarter had a 168% decrease to close at US$1.24 million compared to the Valuation gain of US$1.82 million for the comparable quarter of 2023.
Dividend Income amounted to US$585,369 (2023: nil). Consequently, total investment loss decreased by 197% to US$1.76 million compared to the total investment income of US$1.82 million for the twelve months ended December 31, 2023. The company booked total investment loss of US$534, 336 for the fourth quarter versus total investment income of US$1.82 million reported for the similar quarter of 2023.
Accountancy Fees decreased by 20% to close at US$27, 141 (2023: US$34,137), while Administrative Fees increased by 13% from US$68,060 in 2023 to US$77,229 in the period under review. As a result, bank charges for the twelve months ended December 31, 2024 amounted to US$6,086, a 41% increase relative to US$4,307 reported in 2023.
Directors’ Fees for the twelve months ended December 31, 2024, amounted to US$35,125, a 30% increase relative to US$27,000 reported in 2023. Directors’ Fees for the fourth quarter amounted to US$14,875 (2023: US$2,000). Legal & Professional Fees totaled US$124,883, a 1053% increase from the corresponding period last year. (2023: US$10, 827).
Audit Fee for the twelve months ended December 31, 2024, amounted to US$58,913, an 188% increase relative to US$20,475 reported in 2023. Audit Fee for the fourth quarter amounted to US$ 17, 963 (2023: US $6, 475).
Total Expenses for the twelve months ended December 31, 2024 had a 135% increase to reach US$580, 855 (2023: US$247, 315) . Loss for the period for the twelve months amounted to US$2.34 million, a 248% decrease from the Profit of US$1.59 million reported in 2023. For the fourth quarter, Loss for the period was US$914, 253 (2023: US$1.72 million).
Consequently, Loss Per Share for the twelve months amounted to US$0.11 (2023: EPS: US$0.07), while Loss Per Share for the quarter totaled US$0.04 (2023: EPS: US$0.08). The twelve-month trailing LPS was US$0.11 and the number of shares used in these calculations was 21,666,542.
Notably, MPCCEL’s stock price closed the trading period on February 13, 2025 at a price of $65.00.
Balance Sheet Highlights
The company’s assets totaled US$33.05 million (2023: US$30.41 million). The movement in total assets was mainly influenced by a US$1.95 million increase in ‘Investments-MPC Caribbean Clean Energy Fund LLC’ amounting to US$32.35 million (US $30.39 million). Shareholders’ equity was US$1.00 (2023: US$1.00).
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