New Hope Group has released its quarterly reports for the first quarter of the 2023 financial year.
New Hope have operations spanning coal mining, exploration, port operation, oil, agriculture, innovative technologies, and investment.
Financial highlights from the company’s latest quarterly activities report include underlying earnings before interest, taxes, depreciation, and amortization of $448.1 million for the quarter.
This is an increase of 14.8 per cent compared to the company’s January 2023 quarter results, and an increase of 20.6 per cent compared to the same quarter in 2022.
Since the commencement of New Hope’s on-market share buy-back program, a total of 17 million ordinary shares have been bought back for $92.5 million as of April 28 2023.
New Hope recorded closing cash and cash equivalents of $827 million, following the payment of the 2023 financial year interim and special dividend which returned a total of $348.8 million to shareholders on May 3 this year.
Operational highlights from the company’s latest quarterly activities report include Bengalla coal sales were 2.15 mega tonnes for the quarter, a notable increase of 46.9 per cent in comparison to the January 2023 quarter.
The first coal was produced from Malabar’s Maxwell mine, which New Hope has a 15 per cent equity interest in, stage one bord and pillar operation. ‘
Additionally, the company reported an all-injury frequency rate of 19.22 for the quarter, a decrease of 18.9 per cent from the previous quarter. The 12-month moving average total recordable injury frequency rate was 1.84 at the end of the period, a decrease of 24.6 per cent compared to the previous quarter.