Energean plc (ENOG.L), a hydrocarbon exploration and production company, on Thursday announced that profit before tax declined in fiscal 2024 compared with last year. However, net earnings were higher, with lower taxation expense.
In the year, profit before tax came in lower at $168.27 million compared with $171.74 million last year.
However, profit for the year climbed 2% to $188.07 million from $184.94 million in the prior year.
Earnings per share were $0.62 versus $0.59 last year.
Adjusted EBITDAX gained 25% to $1162 million from $931 million a year ago.
Adjusted EBITDAX from continuing operations also increased to $885 million from $667 million in the prior year.
Operating income rose to $394.42 million from $391.52 million in the last year.
Revenue increased 34% to $1315 million from $978.50 million in the previous year.
About the Carlyle Transaction Update, Energean stated in its January update that it expected to complete the sale of its Egypt, Italy, and Croatia assets to a Carlyle International Energy Partners-controlled entity in the first quarter of 2025. However, as of March 17, there is a high risk that Carlyle may not meet the required conditions by the deadline of March 20.
If an extension is not agreed upon the deal, based on the 19 June 2024 sale agreement, then it could be canceled.
The current dividend program is expected to continue, and a new dividend policy will be announced after the transaction is either completed or canceled.
Looking ahead, the 2025 guidance for continuing operations remains unchanged.
According to the statement, Energean is exploring growth opportunities across the EMEA region while maintaining financial discipline. Any new opportunities must support dividend growth, reduce debt, align with growth goals, and contribute to the company's Net Zero target.
Energean is currently trading 2.56% lesser at 819 pence on the London Stock Exchange.
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