RAK Petroleum plc announced consolidated and company earnings results for the first half ended June 30, 2018. For the period, on consolidated basis the company reported revenue of $289.3 million compared to $158.4 million a year ago. Profit from operating activities was $82.6 million compared to $29.7 million a year ago. Profit before income tax was $55.8 million compared to $4.7 million a year ago. Net profit was $66.4 million compared to $4 million a year ago. Net profit attributable to Equity holders of the parent was $31 million compared to $2.9 million a year ago. Earnings per share basic and diluted were $0.099 compared to $0.009 a year ago. Net cash generated from operating activities was $172.7 million compared to $206 million a year ago. Purchases of tangible assets were $50.1 million compared to $72.9 million a year ago.

For the first half ended June 30, 2018, on standalone basis, the company reported loss for the period was $4 million compared to $6.5 million a year ago. Net cash used by operating activities was $4 million compared to $6.5 million a year ago.

For the second half of 2018, the company expected to increase field production to 50,000 bopd by year-end.