New Times Energy issues profit alert and expects to post a profit of HK$200 to HK$220 million for first half of 2022
HONG KONG SAR - Media OutReach - 12 August 2022 - New Times Energy Corporation Limited (“the Company” or “New Times Energy”, together with its subsidiaries, the “Group”, HKSE stock code: 0166) is pleased to announce that, the Group expects to record a profit after tax of approximately HK$200 million to HK$220 million for the six months ended 30 June 2022 as compared to a loss of approximately HK$22 million for the same period in 2021.
The Company considers the turnaround in the results was primarily attributable to the contribution of operating profits of its Canadian subsidiary, NTE Energy Canada Ltd. (NTEC).
NTEC is headquartered in Calgary, Alberta and operates over 800 producing wells in various oil and gas fields across the provinces of Alberta and British Columbia, with current oil and gas production of over 12,700 barrels of oil equivalent per day (95% natural gas) and was able to realize substantial positive cash flow from surging commodity prices. The Group also owns a 1,200 acres multi-use site (“NTE Discovery Park”) at Campbell River, British Columbia which is leased to tenants in industries including but not limited to green data centers, modular homes construction, and vertical farming.
NTE Discovery Park has entered into agreements with CubicFarm® Systems Corp. (“CubicFarms”) (TSX:CUB), a leading chain agricultural technology company, in relation to the purchase of 26 CubicFarm System indoor growing modules and setting up vertical farming operations to provide efficient, localized food supply solutions. Using CubicFarms’ CEA technology and given 90% of leafy green vegetables consumed in British Columbia are imported, NTE Discovery Park aims at providing local communities with better access to delicious fresh food year-round without importing over long distances, thereby reducing the carbon footprint of food delivered to consumers. It plans to expand with the sale and manufacturing of an additional 100 modules in the near future.
[Additional information and media on Discovery Park can be accessed at the Group’s corporate website: www.nt-energy.com.]
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About New Times Energy Corporation Limited
New Times Energy Corporation Limited (HKSE stock code: 166), headquartered in Hong Kong, is an international resource company that operates natural gas weighted assets in Alberta and British Columbia and is taking steps to transform its business model into clean and sustainable energy, in its effort to be a part of the global “Energy Transition” that is underway, with social responsibility towards the environment and climate change at the forefront.
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