Harbour Energy plc. (HBR.L) Thursday reported a nearly double increase in fiscal pre-rax profit, compared to the prior year. The company reported Loss, after tax, compared to profit last year.
Pre-tax profit came in at 1.219 billion, up from $616 million a year ago. Loss for the period was $93 million, compared to $45 million in the previous year. On a per share basis, loss was $10 cents, compared to profit of $6 cents per share.
Revenue and other income surged to $6.226 billion from $3.751 billion a year ago. Harbour Energy said revenue for the period was driven by higher production, especially at the Wintershall Dea transaction with the newly acquired portfolio contributing $2.021 billion in the four months post completion, and increased commodity prices, especially European natural gas.
Further, the company proposed final dividend of $227.5 million or $13.19 cents per share.
Looking ahead to 2025, Production is expected to increase by around 80 percent to a range of 450-475 kboepd, versus 2024. Production is projected to be around 500 kboepd by end February 2025.
Harbour Energy's Annual General Meeting will be held on Thursday 8 May 2025.
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