Enwell Energy’s Profit Up 16 Times To USD 51.1 Million, Revenues Up 2.6 Times To USD 121.4 Million In 2021

In 2021, Enwell Energy plc (formerly known as Regal Petroleum plc, Britain) boosted its net profit 16 times or by USD 47.9 million year over year to USD 51.1 million.

The company has said this in a statement, Ukrainian News Agency reports.

The significant improvement in the company's financial results is primarily due to a combination of record production figures and a significant increase in the price of the company's products, in particular natural gas.

Also in 2021, the company increased net revenues 2.6 times, or by USD 74.1 million, to USD 121.4 million.

The company's capital investment for 2021 amounted to USD 32.2 million.

As of June 24, 2022, cash resources amounted to USD 76.5 million, of which USD 17.4 million in the Ukrainian hryvnia, and the remaining USD 59.1 million in US dollars, euros and pounds.

According to the report, the group holds most (77% as of June 24, 2022) of its cash outside Ukraine, which increases the group's ability to cope with current risks for the foreseeable future and provides a significant buffer in case of any further disruptions in its operations.

As Ukrainian News Agency earlier reported, in 2021, Enwell Energy plc  increased the average daily production of hydrocarbons at the Mekhedivsko-Holotvschynske (MEX-GOL), Svyrydivske (SV), and Vasyschivske (VAS) gas-condensate fields by 4.2% or 189 BOE to 4,730 BOE over 2020 (4,541 BOE).

Enwell Energy and the Ukrainian natural gas producing companies Prom-Energo Product (became part of Regal Petroleum in 2016) and Ukrgazvydobutok are the oil and gas units of the Smart Holding group.

Member of Parliament Vadim Novinsky (independent) controls the Smart Holding group.