New Hope Corporation's FY24 Full Year Results

New Hope Corporation Limited (ASX:NHC) has released its full year results for the 2024 financial year, reporting a strong operational performance. The company achieved 9.1Mt of saleable coal production, marking a 26.4% increase from the previous year. Additionally, the underlying EBITDA result was $859.9 million, and the net profit after tax stood at $475.9 million. New Hope also successfully raised $300 million senior unsecured convertible notes, providing increased financial flexibility to support the company's strategy. The fully franked final dividend of 22.0 cents per ordinary share has been declared, payable to shareholders on 24 October 2024.

Executive Commentary on FY24 Performance

This year, we've delivered on our organic growth pipeline, with the realisation of productivity benefits from the Bengalla Mine Growth Project and the restart of operations at New Acland Mine resulting in a significant increase in coal production. The combination of a robust thermal coal price environment, disciplined cost control, and strong operational performance contributed to the third highest earnings result in the history of our Company. As a result, we are pleased to reward shareholders with a fully franked final dividend of 22.0 cents per ordinary share. Looking ahead, we remain focused on the organic growth of our business via the ramp-up of New Acland Mine, sustained increased production at Bengalla, and the development of Malabar's Maxwell Underground Mine, all of which are low-unit cost assets. This growth pipeline offers significant targeted production increases, which will ultimately create additional value to return to our shareholders.

Summary of FY24 Results and Outlook

New Hope Corporation Limited (ASX:NHC) has reported a strong operational performance for the 2024 financial year, achieving a significant increase in coal production and maintaining financial flexibility through the successful raise of $300 million senior unsecured convertible notes. The company's focus on organic growth is evident through the achievements at Bengalla Mine and the restart of operations at New Acland Mine. Additionally, the increased equity interest in Malabar Resources Limited aligns with the company's strategy of investing in low-cost coal assets with long-life approvals. The acquisition of the West Muswellbrook tenement and the start of exploration drilling at EL9431 provide longer-term growth optionality. New Hope Corporation remains committed to creating additional value for its shareholders through sustained production increases and the development of low-unit cost assets in the upcoming period.