Expro Group Holdings N.V. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $1.71 billion, a 13.2% increase from $1.51 billion in 2023. The company's net income also improved markedly, reporting $51.9 million compared to a net loss of $23.4 million in the previous year. This turnaround was primarily driven by higher Adjusted EBITDA, which rose by 39.6% to $347.4 million, reflecting increased operational efficiency and a favorable activity mix across its segments.
The company experienced notable growth across all its geographic segments, particularly in North and Latin America (NLA) and Europe and Sub-Saharan Africa (ESSA). Revenue from NLA increased to $566 million, while ESSA generated $564 million, marking increases of 10.6% and 8.3%, respectively. The Middle East and North Africa (MENA) segment saw a substantial 42.3% increase in revenue to $332.2 million, largely due to heightened well flow management activities in Saudi Arabia and Algeria. The Asia-Pacific (APAC) segment also contributed with a modest revenue increase to $250.1 million.
Strategically, Expro has expanded its capabilities through acquisitions, including the purchase of Coretrax, which contributed approximately $88.2 million to revenue in 2024. The company also completed the acquisitions of DeltaTek and PRT Offshore in previous years, enhancing its portfolio of technology-enabled services. These acquisitions are expected to accelerate growth in subsea well access and well intervention services, particularly in the North and Latin America region.
Operationally, Expro reported a stable employee count of approximately 8,500 as of December 31, 2024, with a positive outlook on employee relations. The company continues to focus on enhancing its safety performance, achieving a Lost Time Injury Frequency (LTIF) rate of 0.00, a significant improvement from 0.06 in 2023. The company is also committed to sustainability and reducing its carbon footprint, aligning with global energy transition trends.
Looking ahead, Expro anticipates continued demand growth for its services, driven by stable oil prices and increased investment in offshore and deepwater projects. The U.S. Energy Information Administration projects global liquids demand to rise, which is expected to support Expro's operational activities. The company remains focused on leveraging its technological capabilities to meet evolving customer needs while navigating the challenges posed by market volatility and regulatory changes in the energy sector.
About EXPRO GROUP HOLDINGS N.V.
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