Savannah Energy PLC, the British independent energy company, has announce its unaudited half-year results for the six months ended 30 June 2024.
The H1 2024 unaudited results showed a strong financial performance, with the company’s total income increasing by 40 percent to US$233.4 million, compared to US$167.6 million in H1 2023.
This comprises total revenues of US$123.5 million and other operating income of US$109.9 million.
Its operating profit also stood at US$152.3 million, 130% higher than H1 2023 (US$66.2 million), with adjusted EBITDA of US$91.6 million, compared to US$108.2 million in H1 2023.
This excludes other operating income which when included shows a 47% increase year-on-year to US$201.5 million, compared to US$137.1 million in H1 2023.
The report also shows that the company’s operating expenses plus administrative expenses came up to US$75 million, and capital expenditure of up to US$50 million.
In terms of operations, its average gross daily production in Nigeria for the period stood at 24.4 Kboepd, representing an increase of 3% compared to FY 2023 (23.6 Kboepd).
The report also shows that company’s renewable energy projects in motion at period-end rose to 696 MW. A strong believer in Africa’s transition to renewable energy, Savannah which aims to become one of the largest renewable energy development companies in Africa over the next two years with a rapidly growing pipeline of solar, wind, and hydro power projects, is targeting a portfolio of up to 1 GW+ of renewable energy projects in motion by end 2024 and up to 2 GW+ by end 2026.
Speaking on the impressive results, the company’s CEO, Andrew Knott, said, “I am pleased to report our results for the first six months of 2024, as well as the wider progress we are making developing our business. Key highlights in H1 included the delivery of US$233m of Total Income1 and the announcement of our planned acquisition of SINOPEC’s upstream assets in Nigeria.
“Alongside this, we are pleased to report strong progress in the development of our renewable energy business, particularly relating to our planned projects in Niger and Cameroon.
“Looking forward we expect to make a series of announcements around our entry into further renewable energy projects prior to year-end.
“We remain unequivocally an “AND” company, seeking to deliver strong performance both for the short AND long term across multiple fronts, and pursuing growth opportunities in both the hydrocarbon AND renewable energy.”
