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Exhibit 99.1
MONTAUK RENEWABLES, INC.
Incorporated in the United States of America
Company number: 85-3189583
NASDAQ share code: MNTK
JSE share code: MKR
ISIN: US61218C1036
(“Montauk Renewables” or the “Company”)
UNAUDITED CONSOLIDATED RESULTS
For the six months ended 30 June 2024
Dollar amounts presented herein are in United States Dollars
| Six months ended 30 June |
Six months ended 30 June |
Percentage | ||||||||||||||
| SALIENT FEATURES | 2024 | 2023 | change | |||||||||||||
| Revenue |
($ | ‘000 | ) | 82 125 | 72 409 | 13 | % | |||||||||
| EBITDA |
($ | ‘000 | ) | 15 603 | 9 921 | 57 | % | |||||||||
| Headline earnings (loss) |
($ | ‘000 | ) | 1 601 | (2 056 | ) | 178 | % | ||||||||
| Earnings (loss) per share |
($ | ) | 0.01 | (0.02 | ) | 150 | % | |||||||||
| Headline earnings (loss) per common share |
($ | ) | 0.01 | (0.01 | ) | 200 | % | |||||||||
| Net asset value per common share |
($ | ) | 1.80 | 1.61 | 12 | % | ||||||||||
DECLARATION OF CASH DIVIDEND
The directors have resolved not to declare a final dividend to focus financial resources on the continued development of the Company’s operations portfolio.
USE OF NON-GAAP MEASURES
This report was prepared for the purpose of complying with the reporting requirements of the Johannesburg Stock Exchange and includes certain non-GAAP measures, such as headline earnings and headline earnings per common share, and related reconciliations.
Reconciliation of headline earnings (loss)
| 2024 Six months ended 30 June |
2023 Six months ended 30 June |
|||||||||||||||
| Gross $‘000 | Net $‘000 | Gross $‘000 | Net $‘000 | |||||||||||||
| Net income (loss) attributable to common shareholders |
1 138 | (2 785 | ) | |||||||||||||
| Adjustments |
||||||||||||||||
| Loss on disposal of plant and equipment |
71 | 43 | 37 | 35 | ||||||||||||
| Impairment of plant and equipment |
699 | 420 | 726 | 694 | ||||||||||||
| Headline earnings (loss) |
1 601 | (2 056 | ) | |||||||||||||
| Basic and headline earnings (loss) per common share (US Dollars) |
||||||||||||||||
| Earnings (loss) |
0.01 | (0.02 | ) | |||||||||||||
| Headline earnings (loss) |
0.01 | (0.01 | ) | |||||||||||||
| Weighted-average common shares outstanding (‘000)(1) |
142 028 | 141 633 | ||||||||||||||
| Diluted earnings (loss) per common share (US Dollars) |
||||||||||||||||
| Earnings (loss) |
0.01 | (0.02 | ) | |||||||||||||
| Headline earnings (loss) |
0.01 | (0.01 | ) | |||||||||||||
| Weighted-average common shares outstanding for diluted (‘000) |
142 252 | 141 633 | ||||||||||||||
| (1) | The common share outstanding as of June 30, 2024 is as reported in the quarterly report on Form 10-Q for the fiscal second quarter 2024, filed with the Securities and Exchange Commission on August 8, 2024. |
DIRECTORS’ STATEMENT
This short-form announcement is the responsibility of the Company’s Board of Directors and is a summary of the information in the detailed financial results announcement.
The financial information is only a summary and does not contain full details of the financial results. Any investment decisions by investors and/or shareholders should be based on information contained in the full announcement, accessible from 12 August 2024, via the JSE link (https://senspdf.jse.co.za/documents/2024/jse/isse/MKRE/MKRQ2.pdf) or on the SEC’s website at
https://www.sec.gov/ix?doc=/Archives/edgar/data/1826600/000095017024094128/mntk-20240630.htm. The full announcement is also available at the Company’s registered office and may be requested at info@montaukenergy.com free of charge to investors and/or shareholders, during office hours (09:00—17:00) from Mondays to Fridays.
12 August 2024
Directors: JA Copelyn (Chairman)*###, SF McClain (Chief Executive Officer)#,
MH Ahmed*###, TG Govender*###, J Cunningham*#, Y Shaik* ###
| * | Non-executive; #United States of America; ### Republic of South Africa |
Company secretary: J Ciroli
Registered office: 5313 Campbells Run Road, Suite 200, Pittsburgh, PA 15205
Website: https://ir.montaukrenewables.com/
Sponsor:
Investec Bank Limited
