Services firm Africa Oilfield Logistics has reported a $9.5million increase in unaudited revenues for the quarter ending in April.
The figure represents an annualised run rate of $38million – a 65% increase on the unaudited 2013 revenue of $23million.
The announcement comes shortly after the firm’s restructuring of its investment arm, Ardan Risk & Support Services, which saw the appointment of a new management team and down-scaling of its operational divisions.
Africa Oilfield said the restructuring resulted in “significantly enhanced key performance indicators and financial performance,” via an increased scope of existing contracts, most significantly in the East African region.
The restructuring also opened the company to new business opportunities in Kenya, Ethiopia, as well as Madagascar and Djibouti, it added.
“Increasing year on year revenue run rate by 65% is a tremendous achievement, which can be attributed to the important structural changes made within Ardan and the key management appointments at Africa Oilfield in recent months,” said Carl Esprey, chief executive of Africa Oilfield.
“We are now ideally positioned to capitalise on the rapidly expanding energy and natural resource industry in East Africa.
“I look forward to providing further updates regarding Ardan and our growth strategy in due course and remain confident that the strong structural foundations which have now been implemented at Ardan will continue to translate into strong financial performance.”