Gulf Keystone Petroleum (LSE: GKP) clocks in 53% revenue growth in FY22. Here’s all you need to know

3 min read | June 08, 2023 06:00 PM AEST | By Team Kalkine

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Gulf Keystone Petroleum (LSE: GKP) clocks in 53% revenue growth in FY22. Here’s all you need to know — Image source: © Cammeraydave | Megapixl.com

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Highlights

Gulf Keystone Petroleum Limited (LSE:GKP) is one of the leading independent oil companies operating in the Kurdistan Region of Iraq.

The firm posted an increase of 2% in its gross average production in FY22 to 44,202 boe per day, compared to 43,440 boe per day in FY21.

The revenue of the company grew to US$460.1 million in FY22 when measured against US$301.4 million in FY21.

GKP’s profits after tax increased to US$266.1 million during FY22 as compared to the profit after tax of US$164.6 million in pcp.

An FTSE Main Market company, Gulf Keystone Petroleum Limited (LSE:GKP) is the operator of the Shaikan Field, one of the largest developments in the Kurdistan Region of Iraq. The company is focused on oil and gas exploration and production. It has been strengthening its position by a staged development of Shaikan, targeting profitable production growth with distributions to shareholders.

During the fiscal year 2022, the company registered an increase of 2% in gross average production, taking the tally to 44,202 boe per day as compared to the gross average production of 43,440 boe per day in FY21. The realized price increased to USD 74.1 per bbl in FY22 versus USD 49.7 /bbl in pcp.

Also, the revenue of the firm grew to US$460.1 million in FY22 when measured against US$301.4 million in FY21. This growth in revenue can be attributed to improved average realized prices and higher quantity produced. GKP’ profits after tax also increased to US$266.1 million during FY22 as compared to the profit after tax of US$164.6 million in pcp.

Top 10 Shareholders

The top ten shareholders collectively form approximately 6.81% of the total shareholdings. DFA International Small Cap Value Portfolio holds the maximum number of shares with around 1.82% shareholding, followed by Artemis SmartGARP UK Equity Fund with nearly 0.83% shareholding, as depicted in the chart below.

Stock Price Performance

The stock has witnessed a fall of ~30.17% in the last three months and over the last six months, it has fallen by ~29.01%. The stock has a 52-week low and 52-week high of GBX 121.60 & GBX 294.53, respectively and is currently trading below the average of 52-week high-low.

Data Source: EODHD/Others, Analysis done by Kalkine Group

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 08 June 2023. The reference data in this report has been partly sourced from EODHD/Others.

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