Record 519 million gallons of biofuel produced by REG
Renewables Energy Group produced a record 519 million gallons of biofuels last year.
In its latest financial results statement the company also revealed revenues of $2.1 billion (€1.7 billion) in the last 12 months.
Gross profit was $268 million (€222 million), or 13% of revenues, compared to gross profit of $514 million (€426 million), or 20% of revenues in 2019.
“REG’s resilient business model enabled us to deliver strong financial results, with $120 million (€99.5 million) of net income from continuing operations available to common stockholders, supported by record production, despite the array of externally driven challenges we faced in 2020,” said Cynthia Warner, REG president and CEO. “In the face of the pandemic, we were able to adjust operations to ensure safety while fulfilling customer demand for our essential transportation fuels.
“We used our flexible feedstock approach to sustain margins and profitability even as the pandemic dramatically impacted feedstock supply and pricing. The Adjusted EBITDA of nearly $200 million (€165 million) exemplifies the soundness of our strategy and underscores our belief that REG can sustainably deliver earnings over the long term.”
Warner continued: "At REG, we are continuing to build on renewable energy's positive momentum and on our track record as a leader of the transition to sustainability. We expect robust demand for renewable diesel and biodiesel to continue into 2021, benefiting from economic recovery combined with strong public support for an option to decarbonize that is available now. We are confident that our focused strategy and expansion plan will deliver long-term success and significant value for our shareholders and other stakeholders.”
In its latest financial results statement the company also revealed revenues of $2.1 billion (€1.7 billion) in the last 12 months.
Gross profit was $268 million (€222 million), or 13% of revenues, compared to gross profit of $514 million (€426 million), or 20% of revenues in 2019.
“REG’s resilient business model enabled us to deliver strong financial results, with $120 million (€99.5 million) of net income from continuing operations available to common stockholders, supported by record production, despite the array of externally driven challenges we faced in 2020,” said Cynthia Warner, REG president and CEO. “In the face of the pandemic, we were able to adjust operations to ensure safety while fulfilling customer demand for our essential transportation fuels.
“We used our flexible feedstock approach to sustain margins and profitability even as the pandemic dramatically impacted feedstock supply and pricing. The Adjusted EBITDA of nearly $200 million (€165 million) exemplifies the soundness of our strategy and underscores our belief that REG can sustainably deliver earnings over the long term.”
Warner continued: "At REG, we are continuing to build on renewable energy's positive momentum and on our track record as a leader of the transition to sustainability. We expect robust demand for renewable diesel and biodiesel to continue into 2021, benefiting from economic recovery combined with strong public support for an option to decarbonize that is available now. We are confident that our focused strategy and expansion plan will deliver long-term success and significant value for our shareholders and other stakeholders.”
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