Revenues climbed 12% to $681.14

Durrant Pate/Contributor

Regency Petroleum Limited (RPL) is reporting its first annual profit as a listed company, having gone public in December last year through its successful initial public offer (IPO) of shares, which was closed a day after opening.

However, net profitability for the year came out to J$56.33 million, which is slight down from the J$58.95 million in 2021. The Westmoreland-based gas company incurred taxation of J$16.51 million for 2022 relative to J$18.17 million in 2021.

RPL booked pre-tax profit of J$72.84 million, a six per cent decrease from the J$77.12 million booked 12-months earlier. Earnings per share (EPS) for the year-end amounted to J$0.04 compared to J$0.05 12-months earlier.

Revenues out-turn

For the financial year ended December 31, 2022 RPL saw its revenues climbing by 12 per cent, moving from J$606.62 million in 2021 to J$681.14 million for the year in review. Cost of sales ended the year up 11 per cent moving from J$512.11 million in 2021 to J$568.27 million in 2022.

Other operating income amounted to J$117.72 million, up from J$98.45 million reported in 2021. This resulted in an operating loss of J$34.55 million compared to a loss of J$19.00 million documented for 2021.

RPL, as at December 31, 2022, recorded total assets of J$431.88 million (2021: J$142.76 million), a 303 per cent increase year-over-year. The increase was attributed mainly to increases of J$174 million and J$93.31 million increase in ‘Property, Plant and equipment’ and ‘Cash and cash equivalents’ which closed at J$259.19 million (2021: J$85.19 million) and J$94.67 million (2021: J$1.36 million), respectively.

Shareholders’ equity totaled J$388.83 million (2021: J$72.36 million), resulting in a book value per share of J$0.27 (2021: J$0.05).