Geodrill reports record financial results after 40% revenue boost in 2021

West African mining services firm Geodrill has released its financial results for the three and 12 months ending December 2021, which included a 40% year-on-year revenue increase to US$115.2 million for the year.

The TSX company also increased net income to $14.1 million or $0.31 per share, which was 88% higher than net income in fiscal 2020. It also generating EBITDA of $29.5 million in 2021 – a 55% rise.

Geodrill improved its Q4 revenue by 8% to $26.7 million on the same quarter of 2020, increased EBITDA margins by 27% and increased net income to $2.8 million – a 28% increase on the same 2020 quarter

Crucially, the firm secured a number of significant contracts amounting to more than $130 million in revenue from 2022 through 2026. Geodrill also expanded its footprint in Egypt and completed a milestone of 5.4million LTI Free Man hours.

“We ended the year with strong fourth quarter earnings and exceeded our financial targets in fiscal 2021 and set the stage for further growth and momentum in 2022,” said Geodrill CFO Greg Borsk.

Meanwhile, CEO Dave Harper said the company entered the year with the highest rig count in its history before announcing a raft of new drilling contracts with top tier gold producers Perseus Mining, Centamin and Endeavour Mining.

“Not only will these contracts drive future revenue, they signal that Geodrill continues to be a driller of choice in its core geographic territory of West Africa and beyond,” he said.