Community & Business
10 April, 2024
New Hope posts strong interim financial results
New Hope Group has reported a growth in saleable coal with product from New Acland Stage 3 counted for the first time.
New Hope Group’s interim financial results include the half year up to the end of January 2024.
Highlights include the following
•Saleable coal produced of 4.1 million tonnes, an increase of 28 per cent
(31 January 2023: 3.2Mt), with first coal sold from New Acland Stage 3 during the period
•Underlying earnings before tax of $424.8 million (31 January 2023: $1,038.5 million)
•A Net profit after tax of $251.7 million (31 January 2023: $668.6 million)
•Net cash from operating activities of $130.6 million (31 January 2023: $983.5 million), and available cash of $480.4 million (31 July 2023: $750.7 million), inclusive of $184.3 million of fixed income investments
•Free on Rail cash costs, excluding New Acland while in ramp-up, of $68.1/tonne, an increase of 4 per cent (31 January 2023: $65.4/t) supported by disciplined management of controllable costs
•2024 interim dividend declared of $143.7 million, representing 17.0 cents per ordinary share payable to shareholders on 1 May 2024
•Recent increased share - holding in Malabar Resources, acquisition of the AL19 tenement and exploration progress at EL9431, both near Bengalla Mine in the Hunter, provide longer-term optionality
