LONDON, UK: Energean Israel has reported a comprehensive income statement for the year ended December 31, 2023, showcasing a significant leap in revenue and net profit compared to the previous year.

The company’s revenue skyrocketed to $939,836,000 in 2023, a substantial increase from a modest $27,122,000 in 2022. This surge in revenue led to a gross profit of $495,782,000, a remarkable recovery from a gross loss of $3,895,000 the year before.

Energean Israel is a significant player in the energy sector, particularly in the Eastern Mediterranean region. The company’s operations in Israel are centered around the Karish gas field, which commenced production in 2022. Energean Israel’s portfolio includes the multi-tcf fields of Karish, Karish North, Katlan, and Tanin, which contribute to the region’s energy security and competition.

Despite the increase in cost of sales, which stood at $444,054,000, the company managed to maintain a strong gross profit margin. Administrative expenses saw a slight uptick to $14,339,000, while exploration and evaluation expenses dropped to a negligible $50,000.

The operational efficiency translated into an operating profit of $481,240,000, a significant turnaround from an operating loss of $19,014,000 in 2022. The financial income also contributed positively, with finance income reported at $11,319,000.

However, the company faced substantial finance costs amounting to $169,467,000 and net foreign exchange losses of $8,483,000. Nonetheless, the pre-tax profit for the year was a robust $314,609,000, compared to a loss of $45,533,000 in the previous year.

After accounting for a taxation expense of $71,800,000, Energean Israel closed the year with a net profit of $242,809,000, marking a significant recovery from a net loss of $34,582,000 in 2022.

This financial turnaround has placed Energean Israel in a strong position as it moves forward into the next fiscal year, with stakeholders and market analysts closely watching the company’s next moves.

Energean plc to acquire Kerogen’s 30% shareholding in Energean Israel Limited