UK-listed Camco booked profits of €10.1 million and more than doubled its carbon credits in 2010.
The carbon credit aggregator and advisory firm was issued with 8.1 million carbon credits in 2010, more than double the previous year’s 3.3 million.
The company said the increase was in part due to UN efficiency improvements in registering emission reduction projects under the clean development mechanism and issuing certified emission reductions (CERs).
It did not reveal the exact numbers, or the price at which it had sold carbon credits, but said revenue from its carbon project development business rose to €12.3 million ($16.67 million), up from €8.4 million in 2009.
Camco’s advisory business turned in a profit of €0.8 million compared with a €1.7 million loss the year before.
Overall the company generated €30 million in revenue in 2010, up from €27.8 million in 2009.
It booked a profit of €10.1 million compared with a loss of €10.9 million the year before.
Camco said it has net assets of €61.2 million, of which €31.7 million is accrued from carbon projects that are registered and expected to deliver cash in the next two and a half years.
Its portfolio includes 30 million credits that are contracted and eligible for use in the third phase of the EU ETS (2013-2020) the company said.
The European commission recently banned the use of CERs from HFC 23 and N20 destruction at adipic acid plants from 1 May 2013, and Camco said its portfolio does not include any credits from these project types.
Last year the company also announced a tie up with Khazanah, the investor arm of the Malaysian government, to develop clean energy projects in Southeast Asia.
This joint venture has raised €22 million to invest on emissions-to-energy projects, the company said, adding that last year it contributed €5.8 million in carbon income.
Last August, the company bought a portfolio of carbon offset and clean energy projects from US developer Greenhouse Gas Services.
The portfolio will generate credits that will be used in the Californian carbon market, which is due to start at the end of 2011.
The company’s share price soared around 14 per cent in early trade Tuesday to 16.38p on the back of the results.
By Susanna Twidale – email@example.com
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