22nd Mar 2023 11:06
(Alliance News) - Pharos Energy PLC on Wednesday said 2022 revenue was up by half on strong Vietnam results, while pretax profit more than doubled.
The Egypt and Vietnam-focused oil and gas production company said full year revenue was USD199.1 million, increasing 48% from USD134.1 million in 2021. The company said its Vietnam revenue increased significantly, rising to USD184.8 million, from USD131.0 million, while its Egypt revenue also increased, partly due to a 10 percentage point increase in cost recovery oil.
The company said pretax profit was USD80.6 million, more than doubling from USD38.6 million a year ago, while basic earnings per share swung to 5.6 US cents, from a loss per share of 1.1 cents.
The company declared a final dividend of 1.0 pence per share of 2022, compared to no dividend in 2021.
Looking ahead, Pharos said it expects further returns in 2023, with a USD3 million extension committed to its buyback scheme in January, as well as the resumption of dividend payments.
Chief Executive Officer Jann Brown said: "2022 was a year of significant change for Pharos. Amidst the macroeconomic challenges and ongoing volatility specifically in Egypt, we delivered crucial milestones that have allowed us to rebuild resilience in the balance sheet, helping us to deliver on our strategy of creating long term, sustainable value for our shareholders via both regular cash returns and organic growth.
"Pharos is in a much stronger position with the 2023 work programme underway and a focus on sustainable cash generation with capital discipline to deliver returns to our stakeholders."
Pharos shares fell 0.7% to 22.84 pence each in London on Wednesday morning.
By Harvey Dorset, Alliance News reporter
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