Rex International has ended its FY2022 in the black by a whisker, contrary to an earlier profit warning of a loss issued on Feb 21.
For the year ended Dec 31 2022, the oil producer will record earnings of US$0.4 million, versus US$78.9 million reported for FY2021.
Thanks to higher prices, revenue in the same period was up 7.5% to US$170.3 million - despite the various production stoppages throughout the year, both planned, and unplanned.
With the necessary works done, Rex expects its fields to produce at a higher volume this current FY2023.
The company plans to pay a final dividend of 0.5 cent, and may consider an interim dividend based on its coming 1HFY2023 results.
Rex International closed March 1 at 17 cents, up 3.09%.
