TORONTO, March 4, 2024 /CNW/ – Geodrill Limited (“Geodrill” or the “Company”) (TSX:GEO) (OTCQX:GEODF), a leading West African based drilling company, reported its financial results for the three and twelve months ended December 31, 2023. All figures are reported in U.S. dollars ($), unless otherwise indicated. Geodrill’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).
Highlights for Fiscal 2023:
Generated revenue of $130.5M compared to $138.6M, a 6% decrease compared to Fiscal 2022;
Recorded net income of $3.8M, or $0.08 per share compared to $18.8M, or $0.41 per share in Fiscal 2022;
Generated EBITDA of $20.6M, or 16% of revenue, compared to $38.4M, or 28% of revenue for Fiscal 2022;
Ended the year with net cash (excluding right of use liabilities) of $3.7M;
Ended the year with a net tangible book value per share of $2.34 or CAD 3.11;
Continued to develop a diversified geographical and commodity strategy in which the Company is drilling for gold, copper, zinc and lithium; and
Achieved new milestone of 15.1M LTI free hours.
Outlook
The Company is positioned for further growth in 2024, particularly driven by the ramp up of operations in the Company’s core regions;
Gold price continues to provide a strong tailwind for exploration drilling driving a robust tendering process; and
Expanding geographical reach and commodity diversification.
Financial Summary
Results in US$ 000s
(except earnings per
share and percentages)
For the twelve
months ended
Dec 31, 2023
For the twelve
months ended
Dec 31, 2022
For the three
months ended
Dec 31, 2023
For the three
months ended
Dec 31, 2022
Revenue
130,545
138,625
30,062
30,900
Gross profit
30,588
40,577
4,850
7,436
Gross profit margin
23 %
29 %
16 %
24 %
EBITDA(1)(2)
20,558
38,350
3,250
7,507
EBITDA margin
16 %
28 %
11 %
Leave a Reply