Saga Pure (SAGA) Q2 2024 earnings summary

Executive summary

• Reported total comprehensive income of NOK 10.6 million for Q2 2024 and NOK 28.4 million for H1 2024, reversing losses from the prior year.

• EBITDA reached NOK 1.5 million in Q2 2024 and NOK 10.9 million for H1 2024.

• Net gain on financial assets was NOK 2.5 million in Q2 and NOK 16.7 million for H1 2024.

• Cash holdings at quarter-end were NOK 490.1 million, down from NOK 635.5 million in Q1 due to increased short-term investments.

• No interest-bearing debt, positioning the group for new investment opportunities.

Financial highlights

• Operating revenues for Q2 2024 were NOK 2.5 million, up from NOK 0.1 million in Q2 2023.

• Net profit for Q2 2024 was NOK 10.6 million, compared to a loss of NOK 5.7 million in Q2 2023.

• Basic and diluted EPS for Q2 2024 were NOK 0.02, compared to NOK -0.01 in Q2 2023.

• Total equity at 30 June 2024 was NOK 894.1 million, up from NOK 865.7 million at year-end 2023.

• Net cash outflow from operating activities in H1 2024 was NOK -202.7 million, mainly due to increased investments.

Outlook and guidance

• Will continue prudent and selective capital allocation, leveraging strong cash position and no debt.

• Well positioned to pursue new investment opportunities.