Business
FY2022 Results, Notice of AGM, Posting of Report
FY2022 Results, Notice of AGM, Posting of Report.
About this update from Savannah Energy Plc
[{"type":"text","content":"\n\n8 June 2023\nSavannah Energy PLC\n(\"Savannah\" or \"the Company\"\")\n \nFY 2022 Audited Annual Results\nNotice of AGM and Posting of the 2022 Annual Report\nSavannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce its audited results for the year ended 31 December 2022. The Notice of the Annual General Meeting (\"AGM\" or \"Meeting\") is available to download from the Company's website (www.savannah-energy.com). A copy of the 2022 Annual Report and Accounts (\"Annual Report\") will be available to download from the Company's website later today. The Notice of the AGM has been posted to those shareholders who have elected to receive postal copies.\nAndrew Knott, CEO of Savannah Energy, said:\n \n\"2022 was another year of significant progress and growth for our company. Our Total Revenues1 grew by 26% to US$290m, our Adjusted EBITDA2 rose by 27% to US$222m. To put these numbers into context, since the announcement of our decision to acquire our Nigerian business in 2017, it has delivered six consecutive years of Total Revenues1 growth at a compound annual growth rate of 21%. This growth has seen us more than double the number of customers the business serves and increase the share of Nigeria's thermal power generation capacity that it supplies from 10% to 24%. Our performance against key industry sustainability metrics relating to HSE performance, carbon intensity, senior management gender diversity and local employee ratios remain industry leading.\nLooking forward to the rest of 2023, I am confident in where we are as a business. Key projects we are focused on completing include: (1) the closing of our proposed acquisition of PETRONAS' assets in South Sudan in Q3; (2) at least one further hydrocarbon asset deal; (3) reaching our target of having up to 1GW+ of renewable energy projects in motion by end of year; (4) the flow testing of our R3 East development in Q4; and (5) the refinancing our Nigerian debt.\nI would urge shareholders to spend time reading through my CEO Letter to Shareholders and the \"Why we do what we do\" section of the Annual Report which discuss our corporate purpose and associated core beliefs which serve to underpin our hydrocarbons AND renewables strategy and business model. They are essential reading...