Deutsche Rohstoff AG Reports Notable First Quarter Growth in 2024

Deutsche Rohstoff AG announced a significant 30% increase in its first quarter revenue for 2024, reaching EUR 55.6 million. The company recorded an EBITDA of EUR 41.7 million and a consolidated net profit of EUR 15.0 million. A noteworthy milestone was also achieved as equity surpassed EUR 200 million for the first time, enhancing the equity ratio to 41.2%. The daily production rate stood at 14,911 BOEPD, indicating robust operational performance.

The positive trend follows from similar growth in 2023 and 2022. Jan-Philipp Weitz, a representative of the company, highlighted plans to activate up to 23 wells with a 65% share, projecting revenues to exceed EUR 200 million. The US subsidiaries reported an increase in average daily production and implemented new wells in partnership with Occidental Petroleum.

Financial strength was further demonstrated by a decrease in liabilities and an increase in equity, showing a well-managed balance sheet. The company expects a revenue between EUR 210 and 230 million and an EBITDA between EUR 160 and 180 million for the current year, based on current oil and gas price assumptions and exchange rates.