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AKITA announces 2024 annual results with net income of $12.9 million and repayment of $20 million in debt

Newswire.ca - Mon Mar 10, 2025

CALGARY, AB, March 10, 2025 /CNW/ - AKITA Drilling Ltd. (TSX: AKT.A)

AKITA Drilling Ltd. ("AKITA" or the "Company") announces net income of $12.9 million for the year ended December 31, 2024, compared to $18.4 million in 2023. The decrease in net income in 2024 was due to lower activity in the first half of the year. Activity began to increase in the third quarter of 2024, and culminated in the strongest fourth quarter in the Company's history, with net income of $9.6 million in the fourth quarter of 2024. Adjusted funds flow from operations was $44.7 million for the year ended December 31, 2024 compared to $45.5 million in the prior year.

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