Central Petroleum's FY2024 financial results

Central Petroleum Limited (ASX:CTP) has reported a statutory net profit after tax of $12.4 million for the financial year ended 30 June 2024. The company also achieved a positive net cash position of $0.8 million, marking its first positive net cash position in a decade. The sale of its interest in the Range gas project contributed to the profit, while underlying Earnings Before Interest, Tax, Depreciation, Amortisation and Exploration (EBITDAX) for the year was down 13% from FY2023 at $13.8 million due to interruptions to the Northern Gas Pipeline.

Executive Commentary on FY2024 Results

Central Petroleum's Managing Director, Leon Devaney, stated, 'We are pleased to report a net profit after tax of $12.4 million for FY2024, which includes a significant profit on the sale of our interest in the Range gas project. Despite the challenges posed by interruptions to the Northern Gas Pipeline, we have secured new gas sales agreements that are expected to provide higher and more reliable cash flows for the company in the coming years. Additionally, achieving a positive net cash position for the first time in a decade is a significant milestone for Central Petroleum.'

Summary of FY2024 Results and Outlook

Central Petroleum's FY2024 results reflect a statutory net profit after tax of $12.4 million, driven by the sale of its interest in the Range gas project. The company also achieved a positive net cash position of $0.8 million, marking a significant turnaround. Despite a 13% decrease in underlying EBITDAX, Central Petroleum has secured new gas sales agreements that are expected to contribute to higher and more reliable cash flows in the future. The successful delivery of pre-sold gas volumes and the subsequent boost in cash flows further demonstrate the company's resilience. Central Petroleum's focus on becoming a major domestic energy supplier, including exploration, appraisal, and development plans across its extensive tenements, indicates a positive outlook for the company's future endeavors.