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.

Source: www.en.interfax.com.ua