GEODRILL REPORTS THIRD QUARTER 2024 FINANCIAL RESULTS
- Long-Term, Multi- Rig Contracts Drive Profitability -
TORONTO, Nov. 11, 2024 /CNW/ - Geodrill Limited ("Geodrill" or the "Company") (TSX:GEO), a leading West African based drilling company, reported its financial results for the three month and nine month period ended September 30, 2024. 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").
Financial Highlights Q3-2024:
Generated revenue of $34.1M, being a 13% increase compared to $30.3M for Q3-2023;
Delivered EBITDA of $7.6M or 22% of revenue compared to $0.6M or 2% of revenue in Q3-2023;
Achieved net income of $2.6M or $0.06 per Ordinary Share, compared to a net loss of $(3.0)M or $(0.06) per Ordinary Share in Q3-2023; and
Ended the quarter with net cash (excluding right of use liabilities) of $3.5M.
Operational Highlights Q3-2024:
Maintained a strong presence in West Africa in two primary countries, Ghana and Cote d'Ivoire;
In 2024, the Company secured contracts totaling more than $150M that will continue to strongly contribute to revenue and profitability over the next 3-5 years;
Subsequent to the quarter end, the Company secured contracts in Chile totaling $49M including two very significant multi-rig, multi-year contracts, and one multi-rig contract;
Commenced drilling subsequent to the quarter end in Chile and Peru on longer term contracts;
Grew the Company's presence in Egypt, supported by its long term underground contract with a tier one client;
Re-invested and upgraded the Company's fleet to support two very significant multi-rig contracts; ending the quarter with 95 rigs; and
Achieved a new milestone of 21M LTI free hours.
Outlook:
Favorable Market Conditions: The strong gold price continues to provide tailwinds for exploration drilling;
Geographical Expansion: The Company is actively expanding its geographical reach and diversifying its commodity portfolio.
Financial Summary
US$ 000s
(except earnings per share and percentages)
For the three months ended Sept 30, 2024
For the three months ended Sept 30, 2023
For the nine months ended Sept 30, 2024
For the nine months ended Sept 30, 2023
Revenue
$34,091
$30,292
$109,935
$100,483
Gross profit
$8,351
$5,804
$28,517
$25,738
Gross profit margin
24 %
19 %
26 %
26 %
EBITDA(1)(2)
$7,630