Serica Energy Reports Decline in Half-Year Profit Due to Tax Charge

Serica Energy, a London-based oil and gas company, reported a decline in profit for the first half of 2024 due to a $106 million tax charge. The company's profit after tax dropped to $82.5 million for the six-month period ending June 30, compared to $98.5 million the previous year.

Serica Energy, a prominent oil and gas firm based in London, disclosed a reduction in its first-half profit for 2024 on Tuesday. This decline is primarily attributed to a substantial tax charge amounting to $106 million.

The company's profit after tax was reported at $82.5 million for the six months ending June 30. This marks a decline from the $98.5 million recorded in the same period the previous year.

The tax charge significantly impacted the overall financial performance despite steady operations in other areas, reflecting broader challenges faced by the energy sector.

(With inputs from agencies.)