Global Energy Group shares latest financial results, plans further investments in year ahead

  • Date: 30-Mar-2021
  • Source: Energy Voice
  • Sector:Oil & Gas
  • Country:Gulf
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Global Energy Group shares latest financial results, plans further investments in year ahead

Global Energy Group (GEG) has outlined plans to capitalise on the energy transition after enjoying a period of growth within the business.

In its financial results for the period ending March 2020, the Aberdeen and Inverness based firm's CEO Tim Cornelius stressed the need for investment in “new technologies, people and facilities”.

GEG posted pre-tax profits of £9.8 million for the financial year.

Revenue increased from £205m to £245m, while earnings before interest, tax, depreciation, and amortization (“EBITDA”) was £22.7m, a slight rise on 2019's figure of £20.8m.

The firm put the strong financial performance down to contributions from the low-carbon sector and a series of strategic acquisitions.

Port of Nigg in the Cromarty Firth, which is owned and operated by GEG, also supported renewable energy projects such as the Beatrice and Moray East offshore wind farms during the period.

Roy MacGregor, GEG chairman, commented: “Our skills and experience have helped to establish the Port of Nigg as a hub for the booming Scottish and UK offshore renewables industry whilst continuing to service the broader energy sector as business rapidly transitions into a low and even net-zero carbon future.

“Our intent is to further expand our quayside capacity with the construction of an East Quay at The