Oil and gas explorer SOCO International today rewarded investors with an offer of share dividends worth a total of more than £33million despite a slump in 2014 profits.
The company posted a pre-tax gain of £101.9million, down from £222.4million the year before.
London-based SOCO, which returned more than £79million to shareholders in October, reported non-cash exploration write-offs totalling £53million and a £40.4million impairment charge.
Before accounting for the non-cash impact of the exploration write-offs and impairments, post-tax profits were down from £127.8million in 2013 to £87.9million in 2014.
SOCO had year-end proven and probable reserves of 40.8million barrels of oil equivalent (boe) and contingent resources estimated at 38.9million boe.
It reported a “strong” balance sheet, with no debt and a cash balance of £111million at December 31, down from £140million a year earlier.
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