Ithaca Energy Plc (ITH.L), a UK-based energy company, on Wednesday registered an improvement in profit before tax for the full year, amidst a decline in costs and expenses. However, the Group recorded a drop in revenue, mainly due to decreased revenue from oil and gas sales.
For the 12-month period to December 31, 2024, the company registered a pre-tax income of $334.339 million, higher than restated $302.027 million in the previous year.
Cost of sales narrowed to $1.139 billion from the prior year's restated $1.317 billion. Impairment charges on development and production assets decreased to $262.984 million from restated $557.936 million in 2023. Administrative expenses were $57.280 million, compared with restated $34.259 million a year ago.
Net profit, however, decreased to $153.153 million, or 13 cents per share, from restated $292.554 million, or 28.7 cents per share, mainly as a result of higher tax charge in 2024. This was due to the enactment of the increase in EPL from 35 to 38 percent and a reduction in ring fenced expenditure supplement due to some Group tax loss positions reaching their claim limit in 2023.
Profit from operations before tax, finance income, and finance costs was $523.753 million, higher than last year's restated $486 million.
The company's enlarged portfolio delivered adjusted EBITDAX of $1.4 billion, lesser than $1.7 billion, representing contributions from Eni UK assets from October 3, 2024 onwards. The 2024 adjusted EBITDAX was impacted by lower production volumes and realized prices in comparison to 2023.
Revenue was $1.981 billion, down from restated $2.319 billion a year ago. Revenue from oil sales stood at $1.176 billion, lesser than $1.329 billion in 2023. Revenue from Gas sales slipped to $598.962 million from $658.659 million last year.
Ithaca Energy reported oil production of 80,177boe/d, higher than last year's 70.239boe/d.
For 2024, the Board has declared an interim dividend of $200 million, which is to be paid in April, bringing the Group's total dividend for the year to $500 million.
Looking ahead, for the full-year 2025, Ithaca Energy expects oil output of 105 to 115 kboe/d, which reflects an annual contribution from the enlarged portfolio and projects an increased production from the Captain field. In addition, the Group projects to maintain oil production above 100 kboe/d in the medium-term.
For the full-year 2025, the company has also reaffirmed its plan to pay a dividend of $500 million.
For comments and feedback contact: editorial@rttnews.com
Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.