- Total investment loss of $3.7 million for the nine months ended October 31, 2022, comprised of realized losses on investments of $4.1 million and unrealized gains on investments of $0.4 million
- As at October 31, 2022, Aberdeen's shareholders' equity was $34.6 million, or $0.24 per basic share
- Investments in clean energy inputs and technologies such as Progressus, EV Technology Group and Jourdan continue to be core to Aberdeen’s strategy
TORONTO, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Aberdeen International Inc. (“Aberdeen” or the “Company”) (TSX: AAB, F: A8H, OTC: AABVF) is pleased to announce that it has released its financial results for the nine months ended October 31, 2022.
For the nine months ended October 31, 2022, Aberdeen reported a net loss of $7.3 million or $0.05 per basic share from total revenue of $(3.6) million (realized loss on investments of $4.1 million, unrealized gains on investments of $0.4 million and interest income of $0.1 million). For the nine months ending October 31, 2021, Aberdeen reported net income of $7.4 million or $0.05 per basic share from total revenue of $11.7 million (realized gain on investments of $5.0 million, unrealized gains on investments of $6.5 million and interest income of $0.2 million).
Market conditions remain challenging and the portfolio remains heavily invested in early-stage companies, largely in the natural resources and clean energy sectors – sectors that are thematically important as the world seeks to secure critical materials for a growing population while concurrently transitioning to a lower-carbon energy mix. Despite the significance of these themes and the Company’s exposure to them, early-stage investment valuations have been pressured amidst a global risk-off environment, driven by inflationary concerns and monetary policy actions being taken by central banks, amongst other factors.
“Clean tech and sustainable agriculture continue to be Aberdeen’s largest exposures and we continue to actively seek opportunities to drive value for shareholders during a challenging time for companies that are early on in their lifecycle. We remain focused on supporting operational execution of our portfolio companies and anticipate that our efforts will pay off when markets eventually turn the corner,” said Chris Younger, CEO of Aberdeen.
The Company continues to focus on the transition to an economy fuelled by clean energy, seeking attractive investment opportunities and strategic partners that can drive even greater portfolio value.
ABOUT ABERDEEN INTERNATIONAL INC.
Aberdeen International is a global resource investment company and merchant bank focused on small capitalization companies in the rare metals , clean energy and renewable energy sectors.
For additional information, please visit our website at www.aberdeen.green
For further information, please contact:
Chris Younger
Chief Executive Officer
Aberdeen International Inc.
Chris.Younger@aberdeen.green
(416) 861-1685
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the investment portfolio of the Company; financial results; the battery metals, clean energy and renewable energy sectors and the Company’s future plans. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the clean energy and natural resources industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.aberdeen.green. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
