Fenix Resources Half Year Financial Results Overview

Fenix Resources Limited (ASX: $FEX) has announced its financial results for the Half Year ended 31 December 2023 (H1 FY24). The company achieved a record half-year revenue of A$126.9 million, marking a significant 49% increase from the previous corresponding period. Additionally, the EBITDA surged by 110% to A$42.8 million, and the Net Profit After Tax soared by 102% to A$22.1 million. The substantial growth was primarily fueled by a remarkable 119% increase in iron ore shipments, coupled with a 5% reduction in C1 cash costs for the Iron Ridge mine.

Executive Commentary on Half Year Financial Results

Fenix Executive Chairman, Mr. John Welborn, expressed confidence in the company's performance, stating, 'Fenix is on track to deliver an excellent full-year performance. The Half Year we have reported on today represents a transformational period for our Company with the establishment of an independent logistics business and port services business as part of our fully integrated mining, haulage, and port operations. Our teams continue to reduce costs and we are taking full advantage of strong iron ore markets to generate record sales volumes, increase revenues, and deliver excellent profitability. We are making substantial progress towards growing our iron ore production and expanding our logistics customer base, to ultimately be operating a major regional mining and logistics business in the Mid-West. Fenix is well positioned to drive our growth aspirations and ultimately deliver exceptional value for shareholders.'

Summary of Half Year Financial Results and Outlook

Fenix Resources' half-year financial results reflect a robust performance, characterized by record revenue, substantial earnings growth, and a strong outlook for the full year. The company's strategic focus on reducing costs, leveraging the buoyant iron ore markets, and expanding its logistics operations has yielded remarkable results. With a healthy cash position of A$63.5 million as of 31 December 2023 and a fully franked FY23 final dividend of 2 cents per share, Fenix remains well-positioned to capitalize on the positive full-year results based on production growth and exceptional performance across its business. The company's commitment to driving growth aspirations and delivering exceptional value for shareholders underscores its ambitious corporate strategy and outlook for the future.