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Aker ASA: First Quarter Results 2024 – Net Asset Value of NOK 60.4 billion
OSLO, Norway, May 8, 2024 /PRNewswire/ — The Net Asset Value (“NAV”) of Aker ASA and holding companies (“Aker”) was NOK 60.4 billion at the end of the first quarter 2024, compared to NOK 63.2 billion at the end of the fourth quarter 2023. Aker experienced strong operations and high activity across the portfolio in the first quarter.
While navigating a complex macroeconomic and a geopolitical landscape, Aker started the year with high activity. Some of the highlights include the refinancing of Solstad being completed in January, creating value for all stakeholders involved. And in March, Aker Carbon Capture (ACC) and SLB announced the agreement to combine their respective carbon capture businesses to become a diversified, global carbon capture player. During the quarter, Aker BP continued to deliver strong production, Cognite continued its positive commercial development and both Aker Solutions and Aker BioMarine posted improved financial results for the period.
“Aker closed the first quarter of 2024 with high activity across the portfolio. Aker’s partnership with SLB continues to grow and the new venture within carbon capture marks another important step to our existing partnerships within subsea production technologies with Aker Solutions and industrial software with Cognite. The transaction will support accelerated development of industrial decarbonization at scale and better position ACC for further international growth,” said Øyvind Eriksen, President & CEO of Aker ASA.
“Aker’s commitment to long-term industrial development and shareholder value creation remains firm, but moving forward our approach will be even more focused. Instead of spreading our efforts across multiple sectors and companies, we will devote more time and resources to larger companies where Aker’s industrial ecosystem can make a difference and continue to generate value. When allocating capital, we will prioritize cash-yielding investments that also generate a running return in the form of dividends or interest income, contributing meaningfully to our objective of increased and diversified upstream cash. Assessing business opportunities, strategic alternatives including transactions, and with a continued focus on sustainability, remains important parts of Aker’s active ownership agenda and method of work. This applies equally to our listed portfolio as well as to more recent startups in which Aker has strategically invested early-stage capital,” said Eriksen.
Key financials – first quarter 2024
• GAV: |
NOK 71.7 billion
|
• Industrial Holdings: |
NOK 60.1 billion
|
• Financial Investments: |
NOK 11.6 billion
|
• NAV: |
NOK 60.4 billion
|
• NAV per share: |
NOK 813.2
|
• Share price: |
NOK 623.5
|
• Liquidity: |
NOK 5.5 billion* of which NOK 0.7bn cash
|
(*incl. undrawn credit facilities)
(Please note that Aker’s investments in Solstad Offshore and Solstad Maritime have been moved from the Financial Investments segment to Industrial Holdings from Q1 2024 onwards, and historical numbers have been re-presented).
For further information or questions following the presentation, please email the relevant contact below. The quarterly presentation and material are available at www.akerasa.com and www.newsweb.no.
Media contact
Atle Kigen, Head of Media Relations and Public Affairs Aker ASA
Tel: +47 90 78 48 78
E-mail: [email protected]
Investor contact
Fredrik Berge, Head of Investor Relations Aker ASA
Tel: +47 45 03 20 90
E-mail: [email protected]
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Laila Hop, Paralegal, Aker ASA, on May 8, 2024, at 07:00 CEST.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
Aker-ASA-1Q -2024-Presentation |
|
https://mb.cision.com/Public/18835/3974726/852a088cc14ab198.pdf |
Aker-ASA-1Q-2024-CEO-Letter |
View original content:https://www.prnewswire.co.uk/news-releases/aker-asa-first-quarter-results-2024–net-asset-value-of-nok-60-4-billion-302139234.html
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eWTP Arabia Capital’s Technology Fund I Recognized as Top Performing VC Fund in the Preqin League Tables
RIYADH, Saudi Arabia, May 19, 2024 /PRNewswire/ — eWTP Arabia Capital Technology Fund I (“Techology Fund I”), managed by eWTP Arabia Capital (“eWTPA”), one of the leading private equity firms in the Middle East, was listed in the Preqin League Tables as the the fifth top-performing VC funds in the US$250 Million to US$499 Million category by net Internal Rate of Return (IRR) for vintages between 2015-2020.
“We’re delighted by the recognition of our Technology Fund I as a top-performing VC fund in our sector,” expressed Jessica Wong, Founder and Managing Partner of eWTPA. “This milestone underscores the commitment of our team and the robustness of our investment strategy. It also underscores the significant growth potential of the Middle East and North Africa market, particularly in Saudi Arabia, warranting attention. As a pivotal driver of technological advancement in the region, we’re steadfast in our mission to empower entrepreneurs and deliver value to our investors.”
“Being recognized by Preqin validates our hard work and dedication to supporting and actively contributing towards building the Saudi digital ecosystem,” said Jerry Li, Founder and Managing Partner of eWTPA. “As eWTPA continues to grow and expand its investment portfolio, it remains committed to fostering innovation and driving positive change in Saudi, the GCC and the global emerging markets ecosystem.”
eWTPA has demonstrated exceptional performance, solidifying its position among industry leaders. This recognition underscores eWTPA’s commitment to identifying high-potential market opportunities and generating returns for its investors.
The Preqin League Tables are regarded as a comprehensive and authoritative ranking system for private equity and venture capital performance. Preqin, a leading data provider in the alternative assets industry, compiles these league tables based on various performance metrics, including net Internal Rate of Return (IRR) and other key indicators.
eWTPA’s success reflects its strategic approach to investing high-growth sectors in the MENA region. The firm’s portfolio includes a diverse range of companies poised to make a significant impact on their respective industries.
Acting as a bridge between Asia and the Middle East, eWTPA’s Technology Fund I has achieved significant success since its inception in 2019. The Fund has invested in over 18 companies, several of which have successfully established themselves in KSA, like J&T Express, Raha, Sahm and COFE.
About eWTPA:
Founded in 2019, eWTP Arabia Capital is an investment firm based in Saudi Arabia and China. Backed by marquee regional and international Sovereign Wealth Funds, Institutional investors, and family offices, eWTPA helps create robust local digital ecosystems in the MENA region by partnering with market-leading international businesses and providing a gateway for these companies to establish a strong and sustainable presence in the region. To date, eWTPA has invested in over 18 companies, 13 of which have already established themselves successfully in KSA.
Media contact:
Haile Liao
+966 0530868568
[email protected]
Photo – https://mma.prnewswire.com/media/2416426/eWTP_Preqin.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ewtp-arabia-capitals-technology-fund-i-recognized-as-top-performing-vc-fund-in-the-preqin-league-tables-302149554.html
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