Petrolia (PSE) H2 2024 earnings summary

Executive summary

• H2 2024 operating revenue rose 10% year-over-year to USD 27.7 million, with EBITDA stable at USD 5.9 million.

• Full-year 2024 revenue was USD 53.5 million, slightly down from 2023, but EBITDA increased to USD 13.8 million.

• Net profit for 2024 was USD 3.1 million, up from USD 1.8 million in 2023; H2 2024 saw a net loss of USD 0.4 million.

• Shareholders' equity per share increased to USD 0.72 at year-end 2024.

Financial highlights

• H2 2024 operating expenses increased to USD 22.1 million from USD 19.6 million in H2 2023.

• Depreciation and impairment for 2024 totaled USD 7.9 million, up from USD 7.2 million in 2023.

• Free cash at year-end 2024 was USD 13.2 million, up from USD 10.6 million in 2023.

• Total assets at 31 December 2024 were USD 63.1 million; equity ratio improved to 67.7%.

Outlook and guidance

• Board expects continued good activity in Energy Service division, but notes ongoing oil price volatility.

• Local management in Iraq optimistic for increased rig activity in 2025 after limited H2 2024 operations.

• CO2 Management AS advancing a CO2 hub project in Bremen, Germany, as part of decarbonisation strategy.