Amiworld, Inc., an international energy company engaged in the production and distribution of alternative and traditional energy products and services, has reported financial results for its fiscal year ended December 31, 2008, which was the company’s first full year of operations.
The company has a state-of-the-art biodiesel plant and petroleum refinery, and distribution facilities in Colombia, South America. They are branching out with diversified products and services including biodiesel, petroleum diesel, international oil trading and the shipping of oil and fuel products with an initial principal focus on economies in South America. It is worth noting that Amiworld is also the owner and operator of the only government certified biodiesel plant in Colombia. The Company believes it is well positioned to capitalize on its unique government status as a result of the Colombian government’s aggressive biofuels initiatives mandating a 10% biodiesel mix by the end of 2009.
They have reported revenues of $19.39 million, compared to revenues of $1.82 million in 2007. They showed gross profit of $3.77 million, compared to $617,570 in 2007. Amiworld’s cash position as of December 31 was just over $5 million.
For its fiscal year ended December 31, 2008 the company incurred a net loss of $360,939 (approximately $0.02 per share). The net loss was primarily due to an increase in general and administrative expenses associated with commencement of the company’s operations, as well as plant depreciation and one-time deferred compensation.
Commenting on the reports, CEO Mamoru Saito had this to say:
“Last year, our first full year of operations, was marked by many significant positive achievements as we generated record revenues of over $19 million. We remain focused on achieving our stated goal of becoming a major petroleum and biodiesel supplier and reseller in Colombia, South America and beyond as we look to expand our biodiesel plant to full production capacity of 108,000 tons or 28.8 million gallons annually. We believe that we have the management team and funds in place to execute our near-term corporate strategies which will deliver shareholder value.”