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.
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