18:10 31.03.2021

JKX Oil & Gas sees net profit fall by 10.6% in 2020

1 min read
JKX Oil & Gas sees net profit fall by 10.6% in 2020

The oil and gas company JKX Oil & Gas with assets in Ukraine and Russia in 2020 received $ 19.87 million in net profit, which is 10.6% less than in 2019, the company said in a report on the London Stock Exchange.

While this is below the 2019 profit, it is a credible result given the challenges our company has faced, including the postponement of a number of capital projects in both Russia and Ukraine as a result of the ongoing pandemic, chairman of the board Charles Valceschini said.

Revenue last year decreased by 31.6%, to $ 69.62 million with a decrease in production by 5%, which is associated with a sharp drop in sales prices for oil and gas, he added.

Valceschini indicated that the company in 2020 saw an increase in free cash to $ 24.3 million from $ 20.6 million a year earlier.

The increased cash reserves allow JKX to focus on identifying additional growth opportunities both within its existing portfolio and within its Ukraine-focused acquisition strategy.

Unlike many companies, we are still ready and able to acquire and develop relevant assets as we identify and assess opportunities, the expert said.

 

AD
AD
AD
AD