Afentra (GB:AET) has released an update.
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Afentra PLC, an upstream oil and gas company, has reported a significant turnaround with a pre-tax revenue of $75.7 million and a profit after tax of $22.2 million for the first half of 2024, compared to losses in the same period last year. The company has strengthened its position by completing acquisitions in Angola, increasing production, and selling 900,000 barrels of crude at an average price of $84.3/bbl. Afentra’s strategic moves have bolstered its balance sheet, with a post-Q3 cash balance estimated to reduce net debt to approximately zero.
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