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Highlights:
- ASX-listed energy company has marked AU$983.0 million as net profit after tax in FY2022.
- The company said that rise in thermal coal prices drove the yearly profit.
- New Hope has declared a final dividend of 31 cents per share, payable on 8 November 2022.
Diversified energy company, New Hope Corporation Limited (ASX:NHC) on Tuesday (20 September 2022) has shared its annual report for the period ending on 31 July 2022 (FY22). During the year, the company registered a 1,138.8% surge in statutory net profit attributable to members and 143.5% rise in revenue from ordinary activities. As per the company’s release, the net profit after tax has risen 1146% to AU$983 million.
On the back of today’s update, the share price of New Hope headed north. At 10:10 AM AEST, the shares were spotted trading 7.33% higher at AU$5.86 per share. In the past one month, the share price has increased by 16%, and in last six months, it zoomed approximately 97%. On a year-to-date basis, the share price grew by nearly 150%, and yearly growth is around 180% (as of 10:59 AM AEST).
Key highlights of the New Hope FY22 results
- Net profit after tax (NPAT) increased from AU$79.4 million in 2021 to AU$983.0 million in FY22.
- Underlying EBITDA reached AU$1,577.4 million from AU$367.2 million (reported the previous year).
- Net cash from the operating activities grew by 285% on the previous year to AU$1,138.6 million.
- During the year, the company produced 7.9 million tonnes of saleable coal.
- New Hope acquired a 15% interest in Malabar Resources Limited by investing AU$94.4 million.
- The company ended the year with a cash and cash equivalent balance of AU$715.7 million. The trade receivables balance also increased by 307% during the year.
- Net profit before tax and before non-regular items grew from AU$199.3 million to AU$1,421.6 million, up by 613% on the previous year.
What’s behind the 613% surge in net profit before tax?
New Hope said that the increase in thermal coal prices leads to solid revenue generation. The realised price during the fourth quarter was AU$493.52. Reportedly, gross revenue from coal sales grew to AU$2,488.9 million in 2022 from AU$1,0006 million in 2021, a rise of 147%.
The company was also focused on reducing costs amid inclement weather, inflationary pressure, and supply chain constraints. To manage cost, the company ensured that previously introduced cost reduction measures were sustained.
Dividend announced by New Hope
As per today’s release, New Hope’s directors have determined to pay a final dividend of 31 cents per share, which is fully franked. Also, the director announced a final special dividend of 25 cents per share, fully franked.
