The following is a round-up of earnings for London-listed companies, issued on Monday and not separately reported by Alliance News:
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Aminex PLC - oil and gas investment in Tanzania - Pretax loss narrows to $1.1 million in 2023 from $4.1 million in 2022. Revenue remains negligible, but impairments against property, plant and equipment are reduced to $695,000 from $3.0 million. Says it achieved a string of milestones in 2023 and early 2024, including receiving approval from the Tanzanian government for its development license and signing a gas sale agreement with ARA Petroleum Tanzania Ltd and the Tanzania Petroleum Development Corp. On Monday, announces a new $3 million funding facility from largest shareholder Eclipse Investments LLC, available for two years. Interest will be charged at the standard overnight financing rate plus eight percentage points. ‘This year will be a decisive one for our company,’ says Executive Chair Charles Santos. ‘We expect significant progress in the Ntorya project providing shareholders with several catalytic events likely to improve the company’s underlying value.’
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Arrow Exploration Corp - oil and gas operator in Colombia - Swings to net loss of $10.5 million in the fourth quarter of 2023 from a $3.0 million profit a year before, due to taking an $11.8 million impairment loss for its Canadian business and its Capella block in Colombia. This sends full-year results to a $1.1 million loss from a $346,524 profit in 2022. More positively, natural gas and crude oil revenue, net of royalties, jumps by 50% to $13.4 million in the fourth quarter from $8.9 million a year before and nearly doubles to $44.7 million for all of 2023 from $25.0 million in 2022. Total revenue for all of 2023 is $50.6 million, up from $28.1 million in 2022. Pretax profit is $3.0 million, down from $8.4 million, but adjusted earnings before interest, tax, depreciation and amortisation is $27.2 million, more than doubled from $12.5 million. Average corporate production in 2023 is 2,167 barrels of oil equivalent per day, up from 1,345 in 2022. Has $12 million in cash as of the end of December.
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i3 Energy PLC - oil and gas operator in UK and Canada - Hails record production in 2023 of 20,711 barrels of oil equivalent per day, up 1.9% from 20,317 in 2022. This is despite restrictions on production caused by wildfires in Alberta, among other issues. Pretax profit more than halves to £20.9 million in 2023 from £55.8 million in 2022, as revenue falls by 30% to £146.3 million from £208.4 million, amid lower energy prices. i3 Energy declares 1.1115 pence per share in dividends during 2023, down from 1.4835p in 2022.
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Ferro-Alloy Resources Ltd - developing Balasausqandiq vanadium deposit in southern Kazakhstan - Pretax loss widens to $5.3 million in 2023 from $4.3 million in 2022. Revenue slips to $6.2 million from $6.8 million, and administrative expenses increase to $3.4 million from $2.5 million. The decline in revenue is due to lower market prices for vanadium pentoxide and molybdenum, largely due to a slowdown in the construction sector in China, as well as some production issues. Ferro-Alloy says it remains focused on completing the phase 1 feasibility study for Balasausqandiq.
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Camellia PLC - Kent-based agriculture and engineering services firm - Swings to a trading loss in Agriculture arm of £5.6 million in 2023 from a profit of £15.5 million in 2022, due to lower tea and macadamia prices. Overall trading loss is £15.6 million, swung from a £6.1 million profit. Revenue slips 8.4% to £272.3 million from £297.2 million. Despite this, Camellia swings to a pretax profit of £3.8 million from a loss of £4.3 million, mostly due to a £19.0 million benefit from the reversal of a previous impairment. Says outlook for 2024 remains ‘challenging’. Revenue is expected to be above 2023, but with a ‘significantly’ wider adjusted loss before tax. This is £9.3 million in 2023, swung from £4.0 million profit in 2022. Camellia will pay no final dividend for 2023 but will consider an interim payout for 2024, depending on its results and outlook, it says.
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