Master Drilling Group Limited
(Incorporated in the Republic of South Africa)
Registration number 2011/008265/06
JSE share code: MDI ISIN: ZAE000171948
(“Master Drilling” or “the Company”)
Unaudited interim report for the six months ended 30 June 2015
Highlights for the period
- Revenue up by 3,1% in ZAR terms, but down 7,5% in US$ terms
- Profit after tax up by 11,0% from US$9.3 million to US$10.4 million
- Profit attributable to equity shareholders up by 10,5% from US$8.4 million to US$9.3 million
- ZAR Headline earnings per share up by 22,9% from 61,0 cents to 75,0 cents
- US$ Headline earnings per share up by 10,4% from 5.7 cents to 6.3 cents
- Cash generated from operations up by 175,3% from US$8.7 million to US$24.0 million
The group achieved revenue growth in ZAR terms of 3,1%. Currency fluctuations suppressed revenue expressed in US$ terms by 6,4%. Fleet mix and fleet utilization further impacted this result, resulting in a 7,5% decrease in total group revenue.
Profitability of the group improved with profit after tax up by 11% in US$ and 23,7% in ZAR terms. This is attributable to cost saving initiatives and operational efficiencies.
Increase in cash generated during this period reflects the result of cost savings and stringent working capital management.