05:11 PM EDT, 05/06/2024 (MT Newswires) -- Freehold Royalties ( FRHLF ) after trade Monday said its first-quarter profit rose 9.3% despite a drop in its revenue.

The oil and gas royalty company said it earned C$34 million, or C$0.23 per share, in the period, up from C$31.1 million, or C$0.21, in the year-prior quarter.

Revenue fell 3% to C$74.3 million from C$76.6 million.

The company reported C$54.4 million in funds from operations, or $C0.36 per share, down from C$58.6 million or C$0.39, respectively, a year earlier.

Freehold's royalty production slipped 0.7% to 14,714 barrels of oil equivalent in the quarter, down from 14,724 boepd in the year-prior quarter while its average price per barrel equivalent dropped 3.8% to C$54.81.

"Our North American portfolio continues to attract drilling activity with 300 gross (6.4 net) wells drilled on our royalty lands in Q1-2024, a 15% increase over the previous quarter. Leasing of our mineral title lands continues to be active with 20 new leases signed this quarter in Canada, continuing the momentum from the record 122 leases signed in 2023," chief executive David Spyke said in a release.

Freehold shares closed up C$0.19 to C$ to $14.14 on the Toronto Stock Exchange,