New Hope shares jump on back of profit rise
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More news: New Hope shares were nearly 4% higher at $6.40 at 2.30pm AEST, after the coal miner reported a jump in profit and announced a special dividend.
New Hope posts $1.09b profit, declares dividends totalling 30c
The news: New Hope shareholders will pocket a special 9c divided on the back of the coal miner's 11% increase in profit to $1.09 billion for the year.
The numbers: A final franked dividend of 21c has been topped up with a special dividend of 9c. Shareholders received 70c per share for FY23. New Hope's revenue leapt 7.9% on last year to come in at $2.8 billion.
The context: The company said there had been a 23% increase in the realised price of coal at $346.73/tonne, as prices soared to record heights. Strong demand and global supply constraints pushed thermal coal to record levels in the first half of the fiscal year.
What they said: "Exceptional performance across the business throughout FY23 enabled our team to capitalise on the market conditions, finishing the year with $730.7 million cash at bank, no debt following the convertible note repurchase and a net asset position of $2,525,3 million," New Hope Group CEO Rob Bishop said.
The source: ASX
