Press Releases

Final Results

28 Apr 2016

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Greka Engineering & Technology Ltd. (AIM: GEL), the unconventional gas sector engineering and technology business with pipeline, gas compression and power generation assets in China, announces its financial results for the year ended 31 December 2015.
 
CORPORATE HIGHLIGHTS
 
  • A total of 159 customers in China at the end of 2015, a 6% increase over the 150 customers as at 31 December 2014
 
  • Signed new power line construction contract with China United Coalbed Methane Corporation (“CUCBM”)
 
  • Signed framework agreement with CUCBM for power supply, covering all well groups of CUCBM powered or to be powered
 
  • Optimized compressor layout to maximize single well production and keep optimum casing pressure well production
 
  • No lost time due to injury or accident in 2015    
 
 OPERATIONAL HIGHLIGHTS
 
  • Total sales of 47 gas station refuelling equipment items in 2015
 
  • 10 SCADA systems were sold in 2015
 
  • Full year 2015 gas processed was 1.4 Bcf (40 million cubic meters), as compared to 1.1 Bcf in 2014 (31.6 million cubic metres), of which delivered volumes were 1.2 Bcf (35 million cubic metres), as compared to 0.98 Bcf in 2014 (27.7 million cubic metres). Consumed volume for power generation during 2015 was 0.2 Bcf (4.9 million cubic metres)
 
  • A total of 17,160Mwh was generated in 2015 (2014: 13,853 Mwh) and consisted of: 13,361 Mwh of sales (2014:10,916 Mwh) and 3,799 Mwh was utilized for operations.
 
  • 27km of gas gathering pipelines were constructed during the year bringing a total of 68km at year end
 
  • 8km of power lines built in 2015 expanding power network to 80km
 
FINANCIAL HIGHLIGHTS
 
  • Revenue of US$5.2 million (2014: US$5.2 million)
 
  • Cash and bank deposits of US$3.2 million at 31 December 2015 (2014: US$2.6 million)
 
Randeep S. Grewal, Executive Chairman of Greka Engineering, commented:
 
 
"2015 was a year of achievements for the Company with milestones across all business units. Going forward we expect to capitalize on the momentum created during 2015 in improving our gathering infrastructure, expanding our power generation foot print and delivering innovative solutions for our clients.”
 
 
  For more information of Greka Engineering, please visit the Company’s website at www.grekaengineering.com or contact:
 
 
  
Greka Engineering
 
Betty Cheung
 
Director Corporate Affairs
 
                    +852 3710 0088
Smith & Williamson
 
Nominated Adviser
 
Dr Azhic Basirov / David Jones / Ben Jeynes
       +44 20 7131 4000