11.3 C
New York

ShiftCarbon (SHFT.CN) Wins 5M USD Saudi Smart City Contract

Published:

ShiftCarbon (SHFT.CN) is a platform that allows clients, large and small, to measure their GHG emissions comprehensively, set reduction goals, and embed carbon offsetting into their business.

To gain a foothold in this socially responsible sector that also encompasses superior growth potential, SHFT is a viable and direct proxy.

According to the Corporate Credit Institutea carbon credit is a tradable permit or certificate that provides the holder of the recognition the right to emit one ton of carbon dioxide or an equivalent of another greenhouse gas. The main goal for creating carbon credits is to reduce emissions of carbon dioxide and other greenhouse gases from industrial activities to reduce the effects of global warming.

On February 23, 2023, ShiftCarbon announced a USD$5 million engagement with Saudi Arabia’s behemoth solutions by stc.

For context, here are its latest numbers:

1 SAR=$3.75 USD

• Revenues for 2022 totalled SAR 8.8 billion (USD$33 billion), an increase of 22.2% compared to SAR 7.2 billion for 2021

• Net profit for 2022 rose to SAR 1.054 billion, up from SAR 833 million, a year-on-year gain of 26.5%

• The company’s strong financial performance can be attributed to the acquisition of “Giza Systems,” which marked an increase in company revenues for Q4 2022

Commenting on the financial results for 2022, Eng. Omer Abdullah Alnomani, CEO of solutions by stc, stated, “Our exceptional financial results for 2022 are a testament to our commitment to business growth and expansion in the Kingdom. We continue to work relentlessly within the framework of our ambitious strategy to maintain our position as a digital transformation leader in the Kingdom of Saudi Arabia and the region.

This deal is big news for ShiftCarbon. Not only does it provide significant revenue, it also puts the Company in line for the future massive ‘Smart Cities’ build of solutions by stc. Again, context. That project is expected to have USD$14 billion spent in 3-4 years. The Green Finance accredited facility is set to run solely on renewable energy and has the highest Leadership in Energy and Environmental Design (LEED) rating for sustainable urban planning.

In August 2022, the company announced its partnership with Saudi Arabian’s publicly-listed technology giant to build and offer innovative solutions to customers across the Kingdom of Saudi Arabia. The two companies have now started working together to deliver a full suite of Smart City infrastructure to one of the world’s most ambitious luxury regenerative tourism destinations that aims to set new standards in sustainable development.

SHFT Wayne Lloyd states, “It is an honour to finally kick off this historical engagement with our partners at solutions by stc. We are grateful to have been selected to participate in such a massive undertaking that aims to set new standards in sustainable development and further strengthen the position of the Kingdom of Saudi Arabia on the global tourism map. We are thrilled to have our vision for smart cities embraced by the most valuable telecom brand in the Middle East.”

The critical sentence in the recent PR for potential and current shareholders is, “The first phase of revenue from this project is estimated to be US$5 million with the potential for additional revenue in the form of a long-term supply of goods as the smart city becomes operational.”

While the engagement may be small by solutions by stc numbers, it represents an amount equivalent to CDN$ 6,808,510, more than twice the Company’s Market Cap.

With potentially way more to come and as a proxy for the various technologies, SHFT, unlike competitors, has gone global with a group with potentially bottomless pockets.

Certainly, worth a hard look.

Robert Santiago
+ posts

Related articles

spot_img

Recent articles

spot_img
en_USEnglish