Serinus Energy had $ 8.42 million net profit, $ 12.3 million EBITDA in 2021

Serinus Energy posted USD 8.42m in consolidated net profit attributable to shareholders of the parent company in 2021 vs. USD 9.3mn profit a year earlier, the company said in the report.

The operating profit was USD 9.29mn vs. USD 16.64mn loss a year earlier.

"EBITDA for the year ended December 31, 2021 amounted to USD 12.3 million (for the year ended December 31, 2020 - USD 6.6 million)," the report reads.

“Despite numerous challenges, Serinus expanded its business in 2021. It was the first financial year in the history of the company in which its financial result was still positive. The Company currently generates a significant cash flow and has a strong portfolio of exploration and production assets and is therefore optimistic about the future. 2021 was also the first year in more than ten years in which the cash flow generated by the company and its successful development could be fully and unlimitedly spent on projects to ensure Serinus continued growth. This situation was reflected in the new investment plan. Key activities undertaken within its framework included obtaining the relevant approvals of the concession partners, starting works related to the installation of the first submersible pumps in the wells in the Sabria field in Tunisia and drilling another production well and the company's first exploration well (Sancrai-1) in Romania since 2015 ”Wrote CEO Jeffrey Auld in a letter to shareholders.

Serinus is an international oil and gas exploration company. It has a diversified portfolio of projects in Tunisia and Romania. The company has been listed on the WSE since 2010.

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