British independent energy company, Savannah Energy PLC recorded a strong financial performance as its total unaudited income for the half-year, which ended 30 June 2024, increased by 40 per cent to $233.4 million, compared to $167.6 million in the same period in 2023.
In terms of operations, the company’s average gross daily production in Nigeria for the period stood at 24.4 thousand barrels of oil equivalent per day (Kboepd), representing an increase of three per cent compared to half year 2023 (23.6 Kboepd).
According to statement by its Communications Manager, Okwudili Onyia, 2024 half year report comprises total revenues of $123.5 million and other operating income of $109.9 million.
Savannah Energy’s operating profit for half year 2024 also stood at $152.3 million, 130 per cent higher than the corresponding period last year ($66.2 million), with adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of $91.6 million, compared to $108.2 million in half year 2023. This excludes other operating income which, when included, shows a 47 per cent increase year-on-year to $201.5 million, compared to $137.1 million in half year 2023.
The report also shows that the company’s operating expenses plus administrative expenses came up to $75 million, and capital expenditure of up to $50 million.
The report also shows that the company’s renewable energy projects in motion at period-end rose to 696 megawatts.
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 Gigawatt (GW)+ of renewable energy projects in motion by end 2024 and up to 2 GW+ by end 2026.
CEO of Savannah Energy, Andrew Knott said: “I am pleased to report our results for the first six months of 2024, as well as the wider progress we are making developing our business. Key highlights in H1 included the delivery of $233 million of total income 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”.
