Tribune Resources (TBR) H2 2024 earnings summary

Executive summary

• Statutory net profit after tax rose 60.8% to $7.88M for FY2024, driven by higher gold prices and stable sales volumes.

• Gold sales increased to $107.9M from $92.0M year-over-year, with ounces sold remaining similar.

• Major cost increases included depreciation, amortisation, impairment of assets, and mining expenses, notably due to the Raleigh mine restart.

• A 20 cent per share dividend was paid; no further dividends declared for the year.

• The company continued exploration and development at EKJV, Diwalwal (Philippines), and Japa (Ghana) projects.

Financial highlights

• Revenue grew to $107.9M (FY2023: $92.0M); EBITDA was $27.9M (FY2023: $20.6M).

• Net profit after tax was $7.88M (FY2023: $4.90M); basic EPS was 8.26 cents (FY2023: 1.00 cent).

• Total assets increased 2.2% to $313.2M; cash and cash equivalents rose to $8.91M.

• Total liabilities increased 63.9% to $26.8M, mainly due to higher income tax payable and trade payables.

• Net cash from operating activities was $46.8M, up from $28.3M; investing outflows rose to $31.4M.

Outlook and guidance

• The group plans to continue exploration, development, and production on existing projects and seek new opportunities.