Petrolia (PSE) H1 2024 earnings summary

Executive summary

• EBITDA rose to USD 7.9 million in H1 2024 from USD 6.9 million in H1 2023, driven by stable Energy Service activity and oil & gas sector recovery.

• Net profit increased to USD 3.5 million from USD 1.5 million year-over-year; total comprehensive income reached USD 3.1 million.

• Operating revenue declined 11.5% to USD 25.8 million, mainly due to reduced Iraq activity after the pipeline closure to Turkey.

Financial highlights

• Operating revenue: USD 25.8 million (H1 2024) vs. USD 29.1 million (H1 2023).

• EBITDA: USD 7.9 million vs. USD 6.9 million; operating profit: USD 4.4 million vs. USD 3.5 million.

• Net profit: USD 3.5 million vs. USD 1.5 million; EPS: 6.22 cents vs. 1.86 cents.

• Cash flow from operations: USD 6.0 million vs. USD 3.8 million; free cash at period end: USD 12.5 million.

• Equity per share: USD 0.75 vs. USD 0.68; equity ratio: 67.8% vs. 61.4%.

Outlook and guidance

• Board expects continued good activity but notes ongoing oil price volatility and recession concerns.

• Energy Service division activity expected to remain stable; oil price levels have stabilized around USD 80/bbl.