- Savannah Energy reported a total income of $393.8m for 2024, up from $289.8m in 2023, driven by a sharp rise in other operating income.
- The company exceeded financial targets, with record cash collections of $248.5m and reduced expenses.
Savannah Energy Plc, a British independent energy firm, reported a total income of $393.8 million for the financial year ending December 31, 2024, marking a significant increase from $289.8 million in 2023.
In its recently released unaudited results, the company revealed that total income includes $258.9 million in revenues and $134.9 million in other operating income. Although revenues slightly declined from $260.9 million the previous year, the sharp rise in other operating income, up from just $28.9 million in 2023, drove the overall growth.
Savannah Energy exceeded its financial guidance for the year. Revenues came in 6% above its projection of $245 million, while operating and administrative expenses stood at $71 million, 5% below the guided cap of $75 million. Due to a phased investment approach, the company kept capital expenditure in check, spending just $23.1 million, far below the $50 million forecast.
Cash collections surged to a record $248.5 million, a 21% increase from $206 million in 2023. However, year-end cash balances fell to $32.6 million, compared to $107 million the previous year. Meanwhile, net debt rose to $636.9 million, up from $473.7 million, and gross debt reached $669.5 million, with 94% of it non-recourse to the PLC.
The company also reported growth in total assets, which climbed to $1.6 billion, up from $1.5 billion in 2023. Average daily production remained steady at 23.1 thousand barrels of oil equivalent per day (Kboepd), with 88% of output consisting of gas.
Chief Executive Officer Andrew Knott commented on the results, stating that Savannah met key operational and financial targets in 2024. He expressed optimism for 2025, highlighting expected cash collection and production capacity growth, driven by ongoing investments in Nigeria’s Uquo field.
The company’s financial performance reflects its disciplined cost management, strategic capital allocation, and sustained production stability, positioning Savannah Energy for continued growth in the coming year.