WESTGOLD SHINES WITH ROBUST HALF-YEAR RESULTS

Interim Dividend Announced as Profits Soar

Westgold Resources (ASX:WGX) has reported a triumphant half-year financial performance for the period ending 31 December 2023, with significant uplifts in revenue, EBITDA, cash reserves, and net profit.

Financial Performance Highlights:

  • Revenue Growth: The company experienced a 15% increase in revenue, reaching $363M.
  • EBITDA Milestone: EBITDA stood at $146M, achieved with a competitive margin of 40%.
  • Boost in Cash and Bullion: A robust 32% rise in cash and bullion, totaling $238M.
  • Net Profit Surge: An impressive surge in net profit after tax by almost 500%, accumulating to $44M.
  • Interim Dividend: An interim unfranked dividend of 1cps will be distributed on 12 April 2024.

Management’s Insight:

Wayne Bramwell, Westgold’s Managing Director and CEO, provided insights into the company’s half-year success:

Westgold’s H1, FY24 results begin to show the capacity the business has to deliver consistent returns to shareholders. The FY24 corporate strategy has been to continue to streamline the portfolio of assets we operate, drive cost out and safely deliver our operational targets.

In H1 we completed construction of our hybrid power stations and solar farms, drilled to extend mine lives and started both the Fender and Great Fingall underground mines. We continued to invest in our people and full credit must go to our 1,300 staff and contractors who support our operations, as their collective efforts delivered these financial results.

With the H1 results behind us, the Board has determined to pay our first dividend under the new dividend policy. This interim dividend reflects our financial strength and growing confidence in the business, marking another milestone in Westgold’s ongoing transformation.

Looking forward, we see opportunity to continuously improve in all areas of our business. Safety, productivity, and profitability are essential to building a sustainable business and with a clear focus, we look to H2, FY24 with confidence.

Read the full announcement

Goldman

Read Previous

KAMPERMAN STRIKES GOLD AGAIN

Read Next

AURUM RESOURCES STRIKES GOLD IN BOUNDIALI DRILLING