Energean sales and profitability grow in FY24

(Sharecast News) - Exploration and production firm Energean said on Thursday that FY24 marked another year of growth in both sales and profitability. Energean said revenues rose 26% to $1.78bn, while adjusted underlying earnings grew 25% to $1.16bn, reflecting a strong performance from its core Israel operations.

The FTSE 250-listed group also noted that over the past year, it has agreed to more than $4.0bn in new long-term gas sales agreements in Israel, including a new $2.0bn binding terms agreement with Dalia Energy, underscoring its "proven success" in securing long-term contracts, bringing total contract values close to $20.0bn.

Energean also said it expects total production in FY25 to be roughly 120,000-130,000 barrels of oil per day, with continued growth in Israeli gas sales resulting in a 10% year-on-year increase in working interest production.

As of 0825 GMT, Energean shares were up 3.23% at 1,056.0p.









Reporting by Iain Gilbert at Sharecast.com