Rex (5WH) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 34% YoY to US$298.14 million; adjusted EBITDA increased 47% to US$160.64 million.

• Loss after tax narrowed 28% YoY to US$50.20 million, primarily reflecting lower goodwill and exploration asset impairments.

Financial highlights

• Gross profit increased 54% YoY to US$99.13 million from US$64.48 million.

• Loss per share was US 4.91 cents / SG 6.59 cents in FY2024, versus US 3.15 cents / SG 4.21 cents in FY2023.

Outlook and guidance

• FY2025 priorities include growing production and reserves organically and inorganically, advancing Bestla development, and renewing the production asset pipeline.

• Oman Block 50 farm-out update expected in H2; Block 1 Field Development Plan submission and Sèmè Field production restart targeted within 2025.

• Benin and Germany activities are expected to diversify the portfolio and contribute to increased reserves in 2025.