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MYCELX Technologies - Half Year Results Statement

Posted by OilVoice Press - OilVoice

12-Sep-2018


       Half Year Results Statement

For the six months ended 30 June 2018 

Record H1 results on strong contract awards

MYCELX Technologies Corporation (“MYCELX” or the “Company”), the clean water technology company providing patented solutions for the Oil and Gas market and commercial industrial markets worldwide, is pleased to announce its interim unaudited results for the six months ended 30 June 2018 for which highlights are set out below.

Financial

  • 107% increase in Revenue YoY: $12.2 million (2017 H1: $5.9 million)
  • EBITDA of $2.7 million (2017 H1: $0.3 million)
  • Net Profit of $1.5 million (2017 H1: net loss of $0.5 million) 
  • Gross profit margin of 51.4% (2017 H1: 52.2%)

Operational

Contract awards reflect the renewal of successful long-term installations, the initial results from the targeted business development efforts in the MENA region and the opening of new markets:

               Saudi Arabia:

o   Operating contract for long-term installation for process water treatment contract was renewed by SABIC on the same commercial terms for a further two years and valued at $5 million

o   A new purchase order was secured from SABIC for a rapid response water treatment system that commenced operations in February 2018

o   Awarded a new purchase order for a twelve-month extension for one of the Company's rapid response systems that was deployed in Q4 2017

o   Secured a new purchase order for a three-month extension of the rapid response unit that was placed in February 2018 and was secured in collaboration with one of the Company's Saudi waste management partners

North America:

o   Rental of offshore polisher system to existing customer to manage upsets during production

o   With Schlumberger, sold REGEN for onshore, unconventional market treating produced water for frac fluid in Canada

Australia:

o   Equipment sale marks the first sale into the LNG market

Post Period

o   Nigeria: Successful installation of first produced water treatment system

o   Europe: Produced water treatment trial for Enhanced Oil Recovery field upgrade

o   Canada: EOR trial with major Canadian producer in 4Q 2018

o   North America: Short term lease for water treatment at lubricants plant

o   Saudi Arabia: further renewal of rapid response system deployment for additional three months

Outlook

Maintain strong momentum by:

  • Leveraging business relationships and successful installations in the Middle East to continue to grow footprint throughout MENA
  • Using successful produced water installation in Nigeria as reference site to secure more projects in-country
  • Continuing to focus on EOR produced water trials in Canada and Europe which lead to equipment and recurring media sales
  • Working with Schlumberger's global sales and marketing targeting unconventional market

Commenting on these results, Connie Mixon, CEO, said:

“The Company is pleased to report its strongest half year performance to date delivering $12.2 million in revenue, which is a 107% increase over H1 2017. EBITDA increased to $2.7 million resulting in net profit of $1.5 million. Momentum grew in Saudi Arabia with a series of contract wins adding to our existing installation base within SABIC, the leading petrochemical company. In addition to our SABIC success, the Company made its first equipment sale into the LNG market in Australia and our recurring media sales to legacy customers remained robust. Looking forward, our focus will be on sustaining momentum by converting our pipeline of opportunities in Saudi Arabia, Nigeria and North America which should keep us in line with current market expectations. We will also continue our proven strategy of engaging new customers for trials. We have secured trials at several opportunities in Canada and Europe for our proprietary RE-GEN media as the oil price recovery has led to reinvigoration of Enhanced Oil Recovery (EOR) opportunities. Our successful trials, together with strategic partnerships such as Schlumberger, Saudi Waste Management companies and Polymer Flood specialists help to increase industry recognition of our differentiating technology and the superior performance it brings to our customers.

MYCELX is a technology company that continues to expand its exceptional water treatment expertise. MYCELX's growing knowledge base supports the innovation and commercialisation of next generation technology to meet the current and future needs of our customers. We are more reliable and cost effective than outdated conventional methods. The oil and gas and petrochemical industries are integrating MYCELX® technology into critical, real-time production and processes, where increased uptime performance goes straight to the bottom line. Our technology will deliver sustainable water treatment for years to come.”

ResultsEarningsMYCELX Technologies

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