Energean PLC has released its unaudited interim consolidated financial statements for the three months ended 31 March 2024. The company reported a significant increase in revenue, reaching $266,286, compared to $158,853 in the same period in 2023. The gross profit also saw a substantial rise, reaching $140,018, compared to $74,948 in the previous year.
The operating profit for the period was reported at $136,609, a notable increase from $70,976 in 2023. The company's finance income stood at $3,061, while finance costs were reported at $46,554. Energean PLC reported a net profit for the period of $79,910, compared to $30,276 in the same period in 2023.
In terms of the company's financial position, its non-current assets totaled $2,956,087, with property, plant, and equipment accounting for a significant portion. The current assets amounted to $335,032, including trade and other receivables, inventories, restricted cash, and cash and cash equivalents.
Energean PLC's total equity was reported at $258,811, with share capital, share premium, hedges reserve, and retained earnings contributing to this figure. The company's non-current liabilities, including senior secured notes and decommissioning provisions, amounted to $2,854,054, while current liabilities stood at $178,254.
The company's cash flows from operating activities before working capital were reported at $191,396, with net cash inflows from operating activities totaling $145,871. In terms of investing activities, Energean PLC made payments for the purchase of property, plant, and equipment, as well as exploration and evaluation, and other intangible assets.
Overall, Energean PLC's financial statements for the first quarter of 2024 reflect a strong performance, with notable increases in revenue, gross profit, and net profit compared to the same period in 2023. The company's financial position and cash flows also demonstrate stability and strategic investment in its operations.