05:00 PM EDT, 05/05/2025 (MT Newswires) -- Topaz Energy ( TPZEF ) after trade Monday said its first-quarter profit and revenue rose year-over-year, as it raised its dividend by 5.9%.

The oil and gas royalty and infrastructure company said it earned $22.2 million, or $0.14 per share, in the period, up from $14.4 million, or $0.10, a year ago. FactSet expected $0.09 per share.

Revenue rose to $92.2 million, up from $78.2 million in the year-ago quarter. FactSet projected $86 million. The company said that for the latest quarter, 43% of revenue came from crude and heavy oil royalties, 32% from natural gas and NGL royalties, and 25% from the infrastructure portfolio.

The company reiterated its 2025 guidance, including expected average royalty production of 21,000 to 23,000 barrels of oil equivalent per day and processing revenue and other income between $88 million and $92 million.

Topaz added it expects to end 2025 with net debt between $430 million and $435 million. The company also expects a payout ratio at the lower end of its long-term target range of 60% to 90%.

On the drilling activity front, the company said, "Based on operator plans, a record 14 to 16 drilling rigs will remain active across Topaz's royalty acreage through spring break-up, following which activity is expected to resume to 28 to 30 drilling rigs active through the second quarter."

Topaz's board has approved an increase to the quarterly dividend, declaring a second quarter 2025 dividend of $0.34 per share. It will be paid on June 30 to shareholders on record as of June 13.

The company's shares closed up $0.01 to $23.20 on the Toronto Stock Exchange.