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Highlights
- Stanmore Resources is an ASX-listed company with focus on exploration, development, and production of thermal coal
- In FY23, SMR’s revenue jumped 4% to USD 2,807 million and net profit after tax decreased by 35% YoY to USD 472 million
- Golden Energy and Resources Ltd has highest stake in SMR with a shareholding of around 59.01%
Stanmore Resources Limited (ASX:SMR) has specialisation in the exploration, development, and production of thermal coal. Headquartered in Queensland, SMR focuses on exploring and operating its project in Sura and Bowen basins. The company's primary asset is the Isaac Plains Complex, located in Queensland, Australia.
In the financial year 2023 (FY23), the company reported a 4% YoY rise in its revenue to USD 2,807 million, backed by increase in sales volume due to increased production. However, the positive impact of production was partially offset by a decrease in the average realised sale price.
In FY23, EBITDA declined by 4.7% YoY to USD 1,067 million and profit after tax decreased by 35.1% YoY to USD 472 million.
During the reported period, saleable coal production was 13.2 million tonnes. The annual production surpasses the top end of the guidance range - 12.3 million to 13 million tonnes.
Top 10 shareholders of SMR
The top 10 shareholders of SMR have around 78.53% shareholding in the company, while the top four have 73.30% shareholding. Golden Energy and Resources Ltd and Regal Partners Limited have the highest stake in SMR with a shareholding of ~59.01% and ~7.57%, respectively.
Recent business update
Through an ASX filing dated 26 March 2024, the company shared a clarification on the query raised by ASX regarding the late lodgment of the Appendix 3Y notice with respect to change in the shareholding of SMR’ s director Caroline Chan.
On 12 March 2024, the company informed that its annual general meeting is scheduled to be held on 23 May 2024.
Outlook
In FY24, the company expects to deliver total saleable coal production of 12.8 – 13.6 Mt and expects its FOB cost to reach USD 99 – 100/tonne. Revised capital expenditure in FY24 is expected to reach USD 165- 185 million due to foreign exchange movement and Millennium Complex capital expenditure.
Share performance of SMR
SMR shares closed 2.22% lower at AUD 3.09 apiece on 26 March 2024. With this, SMR’s share price has declined by almost 8.07% in the last 12 months and has dropped by nearly 11.71% in the past one month.
The 52-week high of SMR is AUD 4.22, recorded on 22 January 2024, while the 52-week low is AUD 2.37, recorded on 11 July 2023.
SMR Daily Technical Chart, Source: EODHD/Others
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 26 March 2024. The reference data in this report has been partly sourced from EODHD/Others.
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