Africa Resources (AFRI) Q3 2024 earnings summary

Executive summary

• Operations were largely halted in Q3 2024 due to machine repairs and relocation of equipment along the Longatshimofloden in southern DRC.

• No significant events occurred after the end of the third quarter.

• Management expects to recover some lost production in Q4 as equipment is now better positioned.

Financial highlights

• Q3 2024 revenue was 0 TSEK, down from 61 TSEK in Q3 2023; net result after tax was -239 TSEK, improved from -653 TSEK.

• For the first nine months, revenue was 324 TSEK (986 TSEK in 2023); net result after tax was -552 TSEK (-1,568 TSEK in 2023).

• Cash and cash equivalents at September 30, 2024, were 37 TSEK (54 TSEK in 2023).

• Total assets at quarter-end were 11,646 TSEK (12,139 TSEK in 2023).

• Equity at quarter-end was 5,901 TSEK (6,682 TSEK in 2023); equity ratio 51%.

Outlook and guidance

• Local management believes the company is now well positioned and expects to recover some Q3 production losses in Q4.

• Ongoing efforts to stabilize the balance sheet and evaluate new projects for acquisition using shares.