Pharos Energy PLC on Wednesday reported a profit jump amid an impairment reversal and a sharp reduction in costs.

The London-based energy company with assets in Vietnam and Egypt backed its yearly production outlook and reported half-year profit growth.

Pretax profit in the six months to June 30 jumped to $33.6 million from $5.3 million.

Revenue, however, slipped a quarter to $65.0 million from $86.2 million. Notably, cost of revenue decreased even more, by 36% to $35.7 million from $55.8 million.

Pertinently, Pharos Energy reported a gain from impairment reversal of $8.5 million in the first half of 2024, compared to an impairment charge of $10.1 million a year prior.

The company still expects output between 5,200 and 6,500 barrels of oil equivalent per day for 2024. The top end would be similar to 6,508 boepd reported for 2023, which had been down 9.2% from 7,166 boepd from 2022.

Pharos Energy said it resolved to pay an interim dividend of about 0.36 pence per share for 2024.

Pharos Energy shares were up 4.3% at 24.82p each on Wednesday afternoon in London.

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