Energy service provider Hunting Plc (HTG) Thursday said that its first-half profit fell from the previous year, impacted by higher cost of sales and increased administrative expenses. The company also lifted its interim dividend and launched a $40 million share buyback program.
The company reported profit attributable to owners of the parent of $20.2 million or 12.1 cents per share in the first half of the year, lower than $26.2 million or 15.5 cents per share in the year-ago period.
On an adjusted basis, half-yearly profit came in at $32.7 million or 19.6 cents per share, compared to $26.2 million or $15.5 cents per share in the corresponding period of 2024.
During the first six months of fiscal 2025, pre-tax profit fell to $30.6 million from $36.2 million in the same period last year. Adjusted profit before tax was $43.7 million in the six-month period, compared to $36.2 million
The company's half-yearly revenue climbed to $528.6 million from $493.8 million in the previous-year period, helped by good performance from the OCTG product group.
Hunting Plc also declared an interim dividend of 6.2 cents per share for the first half, 13 percent higher than last year's 5.5 cents per share. The dividend will be paid on October 31, with a record date of October 3 and an ex-dividend date of October 2.
The company announced the commencement of a share buyback program of up to $40 million beginning on August 28. The buyback will be completed in three tranches, and will conclude during fiscal 2026.
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