February 13, 2024
(Expressed in United States dollars)
MPC Caribbean Clean Energy Limited (MPCCEL), for the Twelve months ended December 31, 2023, reported net unrealized gain on investment of $1.82 billion relative to net loss on investment of $2.00 billion last year. For the Quarter, unrealized gain on investment was $1.82 million (2022: $888,442).
MPC Caribbean Clean Energy Limited (MPCCEL), for the Twelve months ended December 31, 2023, reported a 32% increase in total expenses in the amount of $247,315 (2022: $187,651), of this:
- Accountancy fees amounted to $34,137 (2022: $8,600).
- Administrative fees amounted to $68,060 (2022: $61,776).
- Bank charges amounted to $4,307 (2022: $3,873).
- Audit fees amounted to $20,475 (2022: $18,375).
- Legal and professional fees totalled $10,827 (2022: $6,174).
- Insurance Expense totalled $18,951 (2022: $20,819).
- Directors’ Fees increased to $27,000 (2022: $19,083).
- Corporate Fees was $1,500, same as the prior year.
- Advertising cost amounted to $21,558 (2022: $34,921).
- License Fees remained unchanged at $500.
- Valuation expense amounted to $40,000 (2022: nil).
Total expenses for the quarter increased 55% year over year from $64,922 in 2022 to $100,608 for the period under review.
Net profit for the twelve months ended December 31, 2023, amounted to $1.57 million, relative to Net loss of $2.19 million for the corresponding period in the prior year. Net profit for the quarter closed at $1.72 million relative to net loss of $823,52 in 2022.
Earnings per stock unit for the twelve months amounted to $0.07 (2022 LPS: $0.10). The EPS for the fourth quarter was $0.08 (2022: EPS $0.04). Twelve-months trailing EPS was $0.07. The number of shares used in our calculations was 21,666,542. on February 13, 2024, MPCCELUS closed the trading period at US$0.61, while MPCCEL closed at J$79.52.
Balance Sheet at a Glance:
As at December 31, 2023, the Company recorded total assets of $30.41 million versus $28.75 million in 2022. The growth in total assets was due to a 6% increase in ‘Investment – MPC Caribbean Clean Energy Fund LLC’ to close at $30.39 million relative to $28.58 million in 2022.
Total Shareholders’ Equity as at December 31, 2023, closed at $20.20 million compared to $18.63 million booked in 2022, resulting in a book value of $0.93 (2022: $0.86).
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