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Wholesale power generation businesses owner ContourGlobal reported a rise in funds from operation as revenue jumped in the nnine months through September, driven by a boost from acquisition of Western Generation portfolio.
For period from 1 January 2021 to 30 September 2021, funds from operation rose 11% to $349 million year-on-year as adjusted earnings before interest, taxes, depreciation, and amortisation, or EBITDA, was up 14.4% to $622.2 million and revenue jumped 46%T to $1.48 billion.
The jump in growth mainly reflected the contribution of $64 million from the Western Generation portfolio acquisition completed on 18 February 2021 and a positive FX variance of $14 million, the company said.
The company said it would pay a dividend for Q3 2021 of 4.465 cents per share.
'We reiterate our guidance for 2021 adjusted EBITDA in the range of $780 million to $810 million and maintain our dividend policy of a 10% annual increase in dividend per share,' it added.