GEODRILL DELIVERS RECORD FINANCIAL RESULTS Increases Annual Revenue by 40% and Net Income by 88%
TORONTO, March 7, 2022 /CNW/ - Geodrill Limited ("Geodrill" or the "Company") (TSX: GEO), a leading West African based drilling company, reported its financial results for the three and twelve months ended December 31, 2021. All figures are reported in U.S. dollars ($), unless otherwise indicated. Geodrill's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
Highlights for Fiscal 2021:
- Generated revenue of $115.2M representing a 40% increase compared to Fiscal 2020;
- Increased net income to $14.1M or $0.31 per share representing an 88% increase compared to Fiscal 2020;
- Generated EBITDA of $29.5M or 26% of revenue and a 55% increase compared to Fiscal 2020;
- Achieved a Return on Capital Employed (ROCE) of 22% and Return on Equity (ROE) of 16% for Fiscal 2021; compared to 14% and 10% respectively a year ago;
- Ended the year with net cash of $2.4M (excluding right of use liabilities); and
- Delivered CAD$0.02 in dividends to investors in 2021.