FY Results – Master Drilling, a supplier to the mining industry, reported strong results with revenue up 31.7% y/y to $226.4 million and headline earnings per share up 10.1% y/y. The order book and pipeline both look healthy, providing optimism for 2023. The company’s capex is mainly focused on expansion, and it has deliberately increased its debt to 7.8% to finance this. The dividend per share was increased from 32.5 cents to 47.5 cents (ZAR). Despite serving clients worldwide, Master Drilling sees Africa as its key area and is actively pursuing further opportunities.
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