RE Royalties Reports Decrease in Q3 2024 Financial Results

RE Royalties Ltd released its financial results for the third quarter of 2024, reporting a decline in revenue and income. The company's quarterly revenue was $1,692,000, a 12% decrease compared to the previous year due to early loan repayments by clients. The year-to-date figures show a 14% drop, primarily due to a one-time royalty buyout from the prior year. Gross profit also fell by 12% for the quarter, and 16% year-to-date.

Despite these declines, the company recorded a significant increase in EBITDA, mainly due to the non-recurrence of a credit loss provision from the prior year. The quarterly net loss after tax improved to $195,000 from $2,769,000 in the previous year. Cash reserves stood at $18,442,000.

In Q3 2024, significant business developments included the issuance of green bonds and new agreements to support renewable projects, including solar and battery energy storage systems. The company settled outstanding loans by retaining shares in two battery and solar operating companies, enhancing its renewable energy portfolio.