British independent energy firm SCVD12avannah Energy Plc has reported a total income of $393.8m for the financial year ended 31 December 2024, marking an increase from the $289.8m recorded in 2023.

According to the company’s unaudited results released recently, the total income comprises $258.9m in revenues and $134.9m in other operating income. While revenues were slightly below the $260.9m recorded in the previous year, the sharp rise in other operating income from $28.9m in 2023 boosted overall earnings.

The company stated that it exceeded its financial guidance for the year, with total revenues of $258.9m coming in six per cent above the earlier projection of over $245m. Operating and administrative expenses for the year stood at $71m, five per cent lower than the guided cap of $75m, while capital expenditure was contained at $23.1m, well below the forecasted $50m due to phased spending.

Cash collections also hit a record $248.5m, up 21 per cent from $206m in 2023. However, cash balances declined to $32.6m by year-end, compared to $107m in the previous year. Net debt rose to $636.9m from $473.7m, while gross debt stood at $669.5m, of which 94 per cent was non-recourse to the PLC.

Adjusted EBITDA came in at $181.2m, relatively flat compared to $184.1m in 2023, maintaining a strong margin of 70 per cent.

Savannah noted that group assets rose to $1.6bn, up from $1.5bn in the prior year, with average daily production stable at 23.1 thousand barrels of oil equivalent per day (Kboepd), 88 per cent of which was gas.

Commenting on the results, Chief Executive Officer Andrew Knott said the firm had achieved key operational and financial targets, with strong progress expected in 2025, including growth in cash collections and production capacity from its ongoing investments in Nigeria’s Uquo field.

The PUNCH reported that Savannah Energy Plc, a British independent energy company, has reported a slight decline in its total revenues for the 2024 financial year, reaching $258.7m, compared to $260.9m in 2023.