- Q1 2023 Revenue of US$ 88.4 million (+30% vs last year)
- Q1 2023 EBITDA of US$ 19.1 million (+124% vs last year)
- Q1 2023 EBITDA of 21.6% of revenue (vs 12.6% of revenue last year)
- TTM Revenue of US$ 351 million
- TTM EBITDA of US$ 77 million
- TTM Net Profit of US$ 33.0 million (9.4% of Revenue)
TORONTO and MARSEILLE, France, April 28, 2023 /CNW/ - Foraco International SA (TSX: FAR) (the "Company" or "Foraco"), a leading global provider of mineral and water drilling services, today announced its first quarter 2023 results. All figures are expressed in US Dollars (US$) unless otherwise indicated.
"We set an all-time revenue record of US$ 88.4 million in the first quarter of 2023 compared to US$ 67.7 million in the first quarter of 2022, an increase of 30%. Our last twelve months revenue reached a new high of US$ 351 million. We are proud to see the results of the strategy we have developed and consistently applied over the past few years. We offer an optimal range of services particularly well adapted to the commodities that we target including gold, battery metals and water, and mainly operate in stable countries with potential for long-term growth. Our utilization rate remained stable at 53% in Q1 2023 compared to Q1 2022. The growth in revenue reflects increased prices, provision of higher value-added drilling services and the excellent performance of our operations" said Daniel Simoncini, Co-CEO. "As always, we remain focused on the long term and actively search opportunities to expand in selected parts of the world. Meanwhile, the refocusing of our operations in Africa and the completion of the sale of our Russian subsidiary are progressing as planned".
"The impressive growth momentum of our business in the first quarter comes along with healthy profitability. We achieved our strongest start to a new fiscal year for the last decade, with the first quarter of 2023 EBITDA at US$ 19.1 million (or 21.6% of revenue) compared to US$ 8.5 million (or 12.6% of revenue) for the same period last year, an increase of 124%. We are proud to report an EBITDA of US$ 77 million for the last twelve months which confirms our continuing profitable growth." said Jean-Pierre Charmensat, Co-CEO and CFO. "The Capex of US$ 8.5 million this quarter includes two large rigs, one of which is proprietary and has been specifically designed for the long-term water drilling services contract recently obtained in Australia. We are well prepared for further growth in the upcoming quarters and are exploring alternatives to capitalize on our strong balance sheet and excellent financial performance to further reduce our cost of capital".
Foraco International reports record first quarter 2023 revenue and 22% EBITDA margin (newswire.ca)