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ItN Nanovation AG publishes figures and information on the first nine months of 2013
- Turnover considerably increased
- Projects in Saudi Arabia are progressing
- Last deliveries for Buraydah North presumably become effective as turnover in the beginning of 2014
- New turnover forecast for 2013: 3.0 to 4.0 million Euro
- All necessary official permits for Humaima project have been obtained
According to provisional unaudited figures, ItN Nanovation AG (ISIN DE000A0JL461) has increased its turnover by 51 per cent to 1.94 million EUR in the first nine months of 2013. Turnover of the previous year period was 1.29 million EUR. Gross profit of the group increased by 39 per cent to 1.12 million EUR compared to previously 0.80 million EUR. Net profit was -3.45 million EUR. The prior year figure of -3.35 million EUR however, was positively influenced by extraordinary earnings.
The major contracts from the projects Buraydah Main and Buraydah North in Saudi Arabia announced in the summer are meanwhile progressing. All ItN flat sheet membrane filters for Buraydah Main have already been delivered to Saudi Arabia and will be effective as turnover in the fourth quarter of 2013. Production of the flat sheet membranes for Buraydah North has been started. The delivery will take place in the coming months, with turnover not being expected to become effective within 2013. Correspondingly, ItN Nanovation is expecting a contracted revenue of 3.0 to 4.0 million EUR in the current structure of the group, with a slightly improved net income compared to the previous year. The turnover resulting from the project Buraydah North correspondingly will become effective in the first half of 2014.
Meanwhile, all necessary official permits for the Humaima project in Saudi Arabia have been obtained, a project with a converted volume of 3.9 million EUR for ItN. The Joint-Venture partner of ItN Nanovation, Juffali Chemical Products Co., has received a letter of confirmation for the above-mentioned volume from Arab Contractors Co. in June 2013. Following the final negotiation of payment modalities with Arab Contractors, this project is to be implemented in 2014. In addition, further five projects for deep wells in Saudi Arabia are in the final stages of the tendering process. ItN Nanovation sees substantial revenue possibilities in the years to come. ItN Nanovation will publish the group's interim report for the third quarter 2013 according to schedule on 13 November 2013, which will be provided for download on the company's website at www.itn-nanovation.com in the Investor Relations area.
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