APR Energy reports 2011 profits

APR Energy (APR) has announced a 165% growth in revenues for the last quarter of 2011. The temporary power supplier also reported revenue growth of 65% for the whole year.

In its trading update on 18 January ahead of its preliminary results for 2011, which will be made public on 22 March, APR said its fourth quarter revenues were expected to be US$93 million, including US$13 million of revenue associated with the one-time asset sale on its Mozambique project.

The company did not publish its profit figures in its trading update, but said net profits "remained strong".

In addition to the EDF project in Martinique, APR saw extensions to contracts in Botswana (70 MW) and Burkina Faso (30 MW) in 2011 and closed the year with a total fleet capacity of 900 MW, compared to 358 MW in 2010.

Expansion plans for 2012 include the opening of APR's first regional hub in Panama, to support operations in Latin America and the Caribbean. The company will also open a second hub in Dubai in late Q1 2012 and plans a third hub in SE Asia.

Fleet expansion will be buoyed with an additional investment of $230 to $260 million, as APR replaces currently leased MW capacity.