Montauk pays dividend as profit surges
US-based alternative energy producer reported a 65% rise in revenue from its renewable natural gas facilities
Montauk, the US-based alternative energy producer spun out from Hosken Consolidated Investments in late 2014, will pay a maiden dividend for the year to the end of March. On Friday, Montauk – which produces renewable gas and electricity from landfill sites — declared a 39.5c per share dividend after pre-tax profits rocketed 579% to $15.7m. The company reported a 65% rise in revenue from its renewable natural gas facilities on the back of a 10% increase in renewable gas volumes to 3.9-million BTU (British thermal units). Montauk also sold 24-million RINs (renewable identification numbers) — about 10-million down on the previous financial year. But the average pricing realised on RIN sales was 90.1% higher. The environmental benefits from renewable natural gas production at landfills qualify as a RIN under the US Renewable Fuel Standard (RFS) programme. Montauk CEO Martin Ryan reiterated that with electricity and natural gas commodity pricing in the US depressed for several years, the...