By Halimah Olamide
Savannah Energy PLC, a British independent energy company focused around the delivery of Projects that Matter, has recorded a 3% increase in Nigerian production for the first half of the year.
This was contained in a statement made available to NPO Reports on Saturday.
“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 unaudited results for the first half year 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.
Its operating profit also stood at US$152.3 million, 130% higher than H1 2023 (US$66.2 million), 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.
The report also shows that 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.