Hexicon’s net revenue for the second quarter was SEK 0.9 million, compared to SEK 2.5 million for the same period last year. The operating loss was SEK 26.8 million, an improvement from a loss of SEK 65.9 million in the previous year. The loss before tax was SEK 47.8 million, slightly lower than the SEK 54.8 million loss reported in the same quarter of 2023.
For the first half of 2024, net revenue amounted to SEK 1.4 million, compared to SEK 4.2 million in the same period in 2023. The operating loss for the period was SEK 46.6 million, which is an improvement from the SEK 120.4 million loss reported for the first half of the previous year. The loss before tax was SEK 79.9 million, compared to SEK 102.1 million in the first six months of 2023.
Hexicon completed the operational takeover of MunmuBaram at the end of June, following months of preparations and handover work. As of 1st July, Hexicon formally assumed operating responsibility for the MunmuBaram project.
During the quarter, Hexicon submitted a change of control application to the South Korean Ministry of Trade, Industry, and Energy (MOTIE). This application is a mandatory step in the process of acquiring the shares in the MunmuBaram project.
On 30th May, Hexicon announced an extension of its existing revolving credit facility, extending it from 12th July to 31st December 2024. The credit facility, amounting to SEK 75 million, was secured with Wallstreet Aktiebolag, part of the Wallenius Group, along with private investors.
In June, the County Administrative Board recommended that the Swedish government approve the application for Project Mareld, one of three active projects in Freja Offshore’s portfolio. Freja Offshore is a 50/50 joint venture between Hexicon and Mainstream Renewable Power.
