Durrant Pate/Contributor

Innovative Energy Group IEG (formerly Ciboney Group Limited) is reporting its biggest yearly performance turnaround in 2025, erasing the losses chalked up in 2024.

For the first quarter ended August 31, IEG recorded a profit of J$4.69 million, compared to a loss of J$1.61 million in the corresponding quarter of 2024. For the year ended May 31, the renewable energy company made a profit of J$82.19 million, erasing the loss of J$10.98 million for the year ended May 31, 2024.

The company is also expanding its business to include the distribution of electric golf carts and other clean energy solutions in the Caribbean and is looking to integrate renewable technologies into real estate development. August quarter profits were primarily attributed to a successful revenue diversification strategy targeting increased electric golf cart sales and an uptick in residential and commercial solar sales. 

However, it should be noted that total revenues were depressed due to continued client-related delays in two of our major projects. IEG’s clients are covering certain fixed costs related to these delays. The management reports that the current revenue diversification strategy will contribute to consistent and sustainable performance. 

The J$2.6 billion in intangibles shown on the August 31, 2025, statement of financial position represents goodwill on consolidation. This intangible value was assessed at May 31, 2025.

New business performing

The group will continue to be reassessed periodically, with external auditors reviewing and validating it at the end of each financial year. IEG resumed major works in October 2025. With respect to new business, the wholly owned subsidiary, Innovative Energy Company DBA IEC SPEI Limited (IECL), continues to make strides in the renewable energy business space and has secured several new residential and commercial contracts during the quarter as a part of our broader diversification strategy. 

The management is continuing “to drive its sales efforts and remain confident that we will successfully convert our business development initiatives into new projects. Our budding electric golf cart business segment has delivered results. We have other pending sales that we expect to yield additional revenues from this new business segment during the current financial year.” The ‘Crowd-Outside-Sales Team’, comprising independent, commission-based contractors, continues to yield results as we build our pipeline of projects while simultaneously converting pipeline projects to revenues.” 

Future outlook

With a focused sales team, active participation in public and private tenders, and targeted social media marketing, the management is encouraged by the results of its sales activities and remain optimistic about IEG’s future.

“We are satisfied with the sales trajectory of our diversification strategy and will continue to expand our regional market presence. We continue to be thankful for the support of our staff, management, board, and shareholders as we look forward to a bright future as the Innovative Energy Group,” the company said in its latest quarterly report to shareholders.