Hexicon has released its interim financial report for the fourth quarter and full year of 2024, alongside updates on its offshore wind projects. The company reported a net revenue of SEK 4.7 million for the final quarter, an increase compared to the same period in 2023.
However, it recorded a loss before tax of SEK 124.6 million for the quarter. For the full year, net revenue reached SEK 9.8 million, while the pre-tax loss amounted to SEK 258.6 million. Cash flow from operating activities improved in the fourth quarter but remained negative over the year.
During the fourth quarter, Hexicon made progress on its floating offshore wind project in South Korea. On 10th October, the MunmuBaram project reached a milestone by signing a Transmission Service Agreement with Korea Electric Power Corporation. Later in the quarter, on 28th November, South Korea’s Electricity Regulatory Commission approved the transfer of two of three Electricity Business Licences for the project, allowing Hexicon to fulfil the conditions of a sales agreement signed earlier in the year.
In Sweden, the company faced setbacks when the government rejected several applications for offshore wind farms in the Baltic Sea, affecting Hexicon’s joint venture projects Dyning and Cirrus. However, progress continued in other areas, with the company securing an extension on a SEK 75 million credit facility until June 2025.
After the end of the quarter, Hexicon’s joint venture Freja was granted a Natura 2000 permit for the Mareld offshore wind project on Sweden’s west coast.
