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TEL AVIV - Energean Israel Limited reported a decrease in net profit for the first quarter of 2025 compared to the same period last year, according to its unaudited interim consolidated financial statements released on May 21, 2025.
The energy company, focused on natural gas and crude oil exploration, production, and commercialization in Israel, posted a net profit of $61.964 million for the three months ended March 31, 2025. This represents a decline from the $79.910 million profit recorded in the first quarter of 2024. The decline in profit occurred despite the company maintaining steady production levels, with approximately 1.2 billion cubic meters of gas sold in both quarters.
Revenue for the quarter came in at $253.283 million, a decrease from $266.286 million in the same quarter of the previous year. The cost of sales also rose to $132.342 million from $126.268 million. Administrative expenses increased to $5.335 million from $3.409 million, while exploration and evaluation expenses were $1.994 million, a new expense not incurred in the prior year’s quarter.
Other comprehensive income for the period was reported at $13.252 million, primarily due to gains on cash flow hedging activities. The company’s total comprehensive income for the first quarter was $75.216 million, slightly lower than the $79.783 million in the same period of 2024.
Energean’s balance sheet remains strong, with non-current assets listed at $3.078 billion, up from $3.023 billion at the end of 2024. Current assets stood at $377.187 million, slightly down from $378.149 million at the end of last year.
The company’s equity increased marginally to $249.096 million from $241.480 million. Non-current liabilities, including borrowings and decommissioning provisions, totaled $2.260 billion, down from $2.816 billion at the end of 2024. Current liabilities, including the current portion of borrowings, trade, and other payables, and income tax liability, amounted to $946.331 million.
Energean has continued its development activities, with significant investments in property, plant, and equipment, particularly related to the Katlan development, which is expected to start production in the first half of 2027. The company has also entered into new gas sales agreements, including a binding term sheet with Dalia Energy Companies Ltd and a GSPA with Kesem Energy Ltd, which are expected to contribute significantly to future revenues.
The financial information is based on a press release statement from Energean Israel Limited.
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