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Savannah Energy, the British energy company, has announced its unaudited half-year results for the six months ended 30th June 2024.
The H1 2024 Unaudited Results showed a strong financial performance, with the company’s total income increasing by 40% to US$233.4 million, compared to US$167.6 million in H1 2023. This comprises total revenues of US$123.5 million and other operating income of US$109.9 million.
According to a statement released by the company, its operating profit increased by 130% to US$152.3 million, US$66.2 million recorded in H1 2023, with adjusted EBITDA of US$91.6 million, compared to US$108.2 million in H1 2023.
This excludes other operating income which when included shows a 47% increase year-on-year to US$201.5 million, compared to US$137.1 million in H1 2023.
The report also shows that the company’s operating expenses plus administrative expenses came up to US$75 million, and capital expenditure of up to US$50 million.
In terms of operations, its average gross daily production in Nigeria for the period stood at 24.4 Kboepd, representing an increase of 3% compared to FY 2023 (23.6 Kboepd).
The report also shows that the company’s renewable energy projects in motion at period-end rose to 696 MW. A strong believer in Africa’s transition to renewable energy, Savannah which aims to become one of the largest renewable energy development companies in Africa over the next two years with a rapidly growing pipeline of solar, wind, and hydro power projects is targeting a portfolio of up to 1 GW+ of renewable energy projects in motion by end 2024 and up to 2 GW+ by end 2026.
Savannah Energy CEO, Andrew Knott, expressed delight about the result and the progress made so far in developing their business.
He said that the Key highlights in the H1 result included “the delivery of US$233m of Total Income1 and the announcement of our planned acquisition of SINOPEC’s upstream assets in Nigeria.
“Alongside this, we are pleased to report strong progress in the development of our renewable energy business, particularly relating to our planned projects in Niger and Cameroon. Looking forward we expect to make a series of announcements around our entry into further renewable energy projects prior to year-end. We remain unequivocally an “AND” company, seeking to deliver strong performance both for the short AND long term across multiple fronts, and pursuing growth opportunities in both the hydrocarbon AND renewable energy sectors.”
