Innovative Energy Group posted net profit of $107.3 million for the year ended May 31, an increase of 30.6 per cent compared with the previous period.
The renewable energy company also reported revenue of $339.5 million up 5.7 per cent in the prior period.
According to the audited financial statements, total assets increased by about 2.5 per cent to $3.34 million at the end of May from a year earlier.
The company also benefitted from a $13 million increase in the value of its investment property, while $100 million in related party debt was written off during the year.
Meanwhile, long-term related party debt declined by about 5.7 per cent to $1.64 billion.
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