Ithaca Energy Turns To Pre-tax Profit In Q3, Net Profit Surges

Ithaca Energy

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(RTTNews) - Ithaca Energy plc (ITH.L, ITHLF) reported Wednesday a profit before tax in its third quarter, compared to prior year's loss.

Further, the oil and gas company reaffirmed all previously provided guidance ranges for fiscal 2025, and reaffirmedits targeted 2025 dividend of $500 million.

The company said it is on track to deliver upgraded full year production guidance of 119 - 125 kboe/d, with production trending to the bottom end of the range, primarily due to the Group's decision to extend the Captain shutdown.

In the third quarter, profit before taxation was $154.6 million, compared to last year's loss before taxation of $5.7 million.

Net profit for the period surged to $98.3 million from $29.0 million a year ago.

In the nine-month period, profit before tax grew to $668.1 million from $183.7 million last year.

On an after-tax basis, the firm reported a loss for the period of $119.1 million, compared to net profit of $134.7 million in the prior year. Basic loss per share was 7.2 cents, compared to profit of 13.4 cents a year ago.

Year-to-date adjusted net income was $226.9 million, compared to $181.9 million last year.

Adjusted EBITDAX was $1.50 billion, up from $758.5 million last year.

Average production of 115 kboe/d surged from 52.5 kboe/d last year, following execution of unprecedented levels of summer shut down activity.

Ithaca Energy also announced its second interim dividend for 2025, totaling $133 million, which equates to $0.0804 per ordinary share. The dividend is scheduled for payment on December 18 to shareholders registered by November 28.

On the LSE, Ithaca Energy shares were losing around 0.2 percent to trade at 233.50 pence.

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