New Hope Corporation (ASX:NHC) released its quarterly activities report for the quarter ended Oct. 31, highlighting production growth and FY25 guidance.
Group ROM coal production increased by 20% compared to the previous quarter, and 65% year-on-year, reaching 4 million tonnes.
Saleable coal production rose by 9% for the quarter, totalling 2.715 million tonnes. Coal sales increased 8% from the previous quarter, achieving 2.765 million tonnes.
The company's EBITDA for the quarter was reported at $304.6 million, reflecting a 40.8% increase from the previous quarter.
"The growth in production and sales reflects our strategy of capitalising on improved market conditions and enhanced operational efficiencies," said Robert Bishop, CEO at New Hope.
Safety performance recorded an increase in the all-injury frequency rate, rising to 37.63 from the previous quarter's 27.08. However, the company saw a decrease in serious incidents.
New Hope maintained a strong cash position with an available cash balance of $822.7 million following the $186 million dividend payment.
The FY25 guidance indicates continued production growth across its operations.
New Hope is a diversified energy company. The principal activities of the company consist of the development and operation of coal mines, port handling and logistics, investment in coal mines, agriculture and oil and gas development and production.
At the time of reporting, New Hope's share price was $4.86.