Rex International Holding Limited has announced a significant turnaround in its financial performance for the first half of the fiscal year 2026, reporting a profit after tax of US$84.04m. This marks a stark contrast to the US$29.65m loss recorded in the same period last year. The improvement is largely attributed to the deconsolidation of Lime Petroleum Holding Group, which resulted in a one-off gain of US$144.72m in Other Income.
The deconsolidation, effective from 10 April 2026, involved removing Lime Petroleum and its subsidiaries from Rex’s financial statements. Despite this, Rex’s revenue from the sale of crude oil and gas reached US$62.75m, although this was a decrease from the US$154.29m reported in the first half of 2025. The adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) also fell to US$20.75m from US$67.49m in the previous year.
Rex’s CEO, Per Lind, highlighted the company’s ongoing focus on its drilling programme in the Yumna Field, Oman, aimed at boosting production. He stated, “The revised start date of the drilling programme will be updated in due course.”
As of 30 June 2026, Rex’s cash, cash equivalents, and quoted investments totalled US$19.14m, a decrease from US$56.25m at the end of 2025. The company plans to continue monitoring global energy market developments and will update shareholders on any significant changes to its operational plans.
