(Boursier.com) — Maurel & Prom climbs more than 7% to 3.55 euros after revealing a gross operating surplus (EBITDA) which amounted to $443 million, up 58% compared to the previous financial year ($280 million) . Depreciation and amortization amounted to $85 million in 2022 compared to $107 million in 2021. Current operating income was $352 million.
Net income for fiscal 2022 was $206m, up 71% from 2021 ($121m). Net current income (excluding exceptional items) amounted to $211 million, up 55%. Cash flow generated by operations before changes in working capital was $331 million (compared to $198 million in 2021). After taking into account the change in working capital (positive impact of $34 million), cash flow generated by operations reached $366 million.
Consolidated revenue for the year 2022 amounts to $676 million, up 35% compared to the 2021 financial year ($500 million). This increase is in line with that of the average selling price of oil, which amounts to 97.8 $/b in 2022 against 72.5 $/b in 2021.
Net debt decreased by $143 million over 2022 and amounted to $200 million, compared to $343 million at December 31, 2021.
The Board of Directors proposes the payment of a dividend of 0.23 euro per share, for a total amount of $50 million. This amount of 0.23 euros per share is an increase of 64% compared to the dividend of 0.14 euros paid in 2022 for the 2021 financial year. “It reflects the marked increase in the group’s financial performance, and demonstrates the desire to immediate restitution of the value created to the shareholders”, comments the group.
“On an annual turnover already published, Maurel & Prom recorded an EBITDA lower than our expectations mainly due to the negative impact of the revaluation of inventories” comments Portzamparc. The group also recorded a higher tax charge than anticipated at $145 million… 15,600 b/d at Ezanga (PZP 19,466 b/d)” continues the analyst who is still buying, targeting a price of 5.25 euros.
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