In California, advanced renewable fuels and biochemicals company Aemetis achieved 123% year over year revenue growth at their India plant. Revenues were $52.1 million for the fourth quarter of 2019, compared to $38.8 million for the fourth quarter of 2018.
Revenues increased 18% to $202 million for the twelve months ended December 31, 2019, compared to $171.5 million for the same period in 2018. The increase in revenue was primarily attributable to increases in the production and sales of biodiesel and glycerin in India.
Gross profit for the three months ended December 31, 2019 was $5.8 million, compared to a gross loss of $1.9 million during the same period in 2018. The gross profit improvement was attributable to increased sales volumes at the India plant along with prices for ethanol increasing from $1.57 per gallon during the three months ended December 31, 2018 to $1.82 per gallon during the three months ended December 31, 2019 in a market where the cost of delivered corn rose slightly from $4.89 to $5.02 during the same respective periods.
“During 2019, our revenues increased 18% to $202 million as we set a sales volume record at our India plant of 47.0 thousand metric tons resulting in a revenue increase from $21.5 million during 2018 to $47.9 million in revenues during 2019 while achieving consistent operational and revenue performance at our Keyes plant,” said Eric McAfee, Chairman and CEO of Aemetis. “Progress continued on the carbon reduction and revenue expansion projects to drive significant revenue increases and positive earnings, including completing the first phase of a $50+ million renewable natural gas project to collect and upgrade biogas from about a dozen dairies near the Keyes plant, completion of the carbon dioxide capture system at our Keyes plant, and solid progress toward commencing construction of our ultra-low carbon content California waste wood ethanol biorefinery. We are excited with the progress and traction we are achieving and look forward to announcing the completion of important milestones throughout 2020.”
This articles was originally posted at: https://www.biofuelsdigest.com/bdigest/2020/03/15/aemetis-reports-123-year-over-year-revenue-growth-at-india-biodiesel-and-glycerin-plant/ on