OX2 triples Q3 profit, sells 70-MW Swedish wind project

The Brannliden wind farm in Sweden. Image by: OX2.

Swedish renewables developer OX2 AB (STO:OX2) today reported a third-quarter profit of SEK 44 million (USD 4.04m/EUR 4.01m) and announced the divestment of a 70-MW wind project at home.

The company’s profit for the three months almost tripled from SEK 15 million thanks to rising net sales, which came at SEK 2.3 billion. The increase was fuelled by the progress of the company’s construction portfolio and the contribution upon construction milestones.

During the reporting period, no projects were completed and handed over to customers. Nevertheless, operating profit improved to SEK 30 million.

More details about OX2’s financial performance are available in the table.

Amounts in SEK million	Q3 2022	Q3 2021	9mo 2022	9mo 2021
Net sales	2,311	600	5,401	2,553
Operating income	30	24	498	97
Operating income adjusted for listing expenses	134	82	733	239
Operating margin	1.3%	4.1%	9.2%	3.8%
Profit for the period	44	15	459	97
Cash flow from operating activities	(129)	143	765	231

At the end of September, the Swedish firm's total project development portfolio amounted to 32.1 GW, of which 1.1 GW are projects under construction.

DIVESTMENT IN SWEDEN

OX2 has struck a deal to offload its 70-MW Riberget wind farm in Ljusdal municipality to Fu-Gen, a privately-held independent power producer that operates in the Nordics and the UK and is seeking to further expand its business. The value of the transaction was not disclosed.

Under the arrangement, OX2 expects to begin building the 11-turbine wind farm by the end of this year. The facility is due to go online in the second half of 2024.

The wind farm’s operations will be overseen by OX2, which will take care of its technical and commercial management under a 15-year contract.

(SEK 10 = USD 0.918/EUR 0.917)

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