New Hope (NHC) H2 2024 earnings summary

Executive summary

• Revenue declined 34.6% year-over-year to $1.8 billion, reflecting normalization of coal prices after prior year highs.

• Net profit after tax fell 56.2% to $475.9 million, with underlying EBITDA down 50.8% to $859.9 million, the third highest in company history.

• Coal sales increased 14.5% to 8.7Mt, and saleable coal production rose 26.4% to 9.1Mt, driven by Bengalla performance and New Acland ramp-up.

• Fully franked dividends of 47 cents per share were paid, with a final dividend of 22 cents declared.

Financial highlights

• Revenue from ordinary activities: $1,802.2 million, down 34.6% year-over-year.

• Net profit after tax: $475.9 million, down 56.2% year-over-year.

• Underlying EBITDA: $859.9 million, down 50.8% year-over-year.

• Operating cash flow: $562.0 million, down 63.1% year-over-year.

• Net tangible assets per security: 293.2 cents (2023: 295.8 cents).

• Final dividend declared: 22.0 cents per share, fully franked.

Outlook and guidance

• Targeted organic production increases expected from New Acland ramp-up, Bengalla Growth Project, and Maxwell Underground Mine development.

• Thermal coal demand expected to remain strong in Southeast Asia, with prices above historical averages.

• Regulatory and climate-related compliance requirements expected to increase.