26th Mar 2025 12:57
(Alliance News) - Pharos Energy PLC on Wednesday increased its dividend as it swung to a pretax profit due to reduced impairment charges.
The London-based energy company with assets in Vietnam and Egypt swung to a pretax profit of USD60.7 million in 2024 from a loss of GBP29.0 million in 2023.
Revenue fell 19% to USD136.0 million from USD168.9 million.
Pharos Energy made an impairment gain on property, plant and equipment of USD28.3 million in 2024, swinging from a charge of USD58.9 million in 2023.
The board proposed a final dividend of 0.847 pence per share, bringing the full-year dividend to 1.21p, up 10% from 1.10p in 2023.
Pharos said group working interest production in 2024 was 5,801 barrels of oil equivalent per day net, in line with guidance but down by 11% from 6,508 boepd in 2023.
Chief Executive Officer Katherine Roe said: "2024 was a year of strong progress and delivery for Pharos, culminating in the approval for the extension of our producing licences in Vietnam.
"This milestone has enabled Pharos to begin 2025 with renewed momentum and a focus on growth."
Looking ahead, Pharos Energy said it expects group working interest production of between 5,000 boepd and 6,200 boepd in 2025. This includes between 3,600-4,600 boepd in Vietnam and between 1,400-1,600 bopd in Egypt.
"The recent licence extensions in Vietnam are enabling us to move forward with a work programme to fully unlock the significant resource potential within these high-quality assets.
"In Egypt, the signing of a [memorandum of understanding] with EGPC for the merger of our Egyptian concessions in February this year demonstrates the alignment between all parties to conclude negotiations as soon as possible," said CEO Roe.
The company said its active capital programme was aimed at delivering production growth from 2026.
CEO Roe said: "Pharos is a cash generative, debt free business with a robust balance sheet. This provides us with the flexibility and capacity to pursue both organic growth and inorganic opportunities, specifically compelling accretive acquisitions, to utilise our existing in-country track record and relationships to drive scale, growth and continued shareholder returns."
Shares in Pharos Energy were down 0.7% at 22.95 pence in London on Wednesday afternoon.
By Michael Hennessey, Alliance News reporter
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