Europe Stock Movers: Jenoptik, Tullow Oil

Inga Muller
25 Mar, 2025
Frankfurt

Jenoptik AG gained 0.5% to €23.28 after the Germany-based optical technologies provider reported increased revenue in 2024.

Revenue edged up 4.7% to €1.11 billion from €1.07 billion, earnings jumped to €92.65 million from €72.47 million, and diluted earnings per share rose to €1.62 from €1.27 a year ago.

The company proposed a dividend of 38 cents per share, up 8.6% from 35 cents in 2023.

During 2024, Jenoptik paid a total of €21.8 million in dividends, up from €20.0 million in the previous year.

Tullow Oil Plc. surged 1.6% to 14.23 pence after the UK-based oil and gas exploration and production company reported lower revenue in 2024.

Revenue declined to $52.42 billion from $55.75 million, profit was $54.6 million compared to a loss of $109.6 million, and diluted earnings per share came in at 3.6 cents compared to a loss of 7.6 cents a year ago.

The company guided for 2025 group working interest production to be between 50 and 55 kboepd as previously announced, including approximately 6 kboepd of gas.

Tullow’s Ghana drilling program with Noble Venturer is set to commence in May 2025 with two Jubilee wells, one producer and one water injector, expected to come on stream in the third quarter of 2025.

The company has signed an agreement with Gabon Oil Co. for the sale of Tullow Oil Gabon SA for a cash consideration of $300 million net of tax.

“Entering into the full sale and purchase agreement is targeted for the second quarter of 2025, with completion of the transaction expected around the middle of the year,” the company said in a release to investors.

Tullow has “confidence in the Jubilee field to deliver material cash flows and provide the business with optionality for returns and growth, once the company’s net debt target of below $1 billion is reached.”

The company said it plans to increase its capital expenditure to $250 million, including $160 million in Ghana, $70 million across the West African non-operated portfolio, $5 million in Kenya, and $15 million of exploration expenditure.

Net debt reduced by $156.1 million during the year to $1,452.3 million at the end of 2024 from $1,608.4 million in 2023, due to generation of free cash flow of $156.1 million.

The leverage ratio decreased to 1.3 times, from 1.4 times in 2023, due to the reduction in net debt compared to prior year.