Montauk Renewables, Inc. has released its unaudited consolidated results for the six months ended June 30, 2024. Let's dive into the numbers to see how the company has performed compared to the same period in 2023.
The company reported a revenue of $82,125,000 for the first half of 2024, which marks a 13% increase from the revenue of $72,409,000 in the same period in 2023. This growth in revenue is a positive indicator of the company's performance.
Moving on to EBITDA, the company saw a significant increase in this metric, reaching $15,603,000 in the first half of 2024 compared to $9,921,000 in the first half of 2023, representing a remarkable 57% growth.
In terms of headline earnings (loss), Montauk Renewables reported a positive figure of $1,601,000 for the first six months of 2024, a substantial improvement from the loss of $2,056,000 in the corresponding period of 2023. This marks a remarkable 178% change.
The earnings (loss) per share also showed a notable shift, with the company reporting a positive earnings per share of $0.01 in the first half of 2024, compared to a loss per share of ($0.02) in the same period of 2023, indicating a 150% improvement.
Furthermore, the net asset value per common share increased by 12%, reaching $1.80 in the first half of 2024, up from $1.61 in the first half of 2023.
In light of these financial results, the directors have decided not to declare a final dividend, opting instead to focus financial resources on the continued development of the company’s operations portfolio.
It's important to note that the above figures are presented in United States Dollars.
The full announcement, which contains detailed financial results, is available through the JSE link or on the SEC’s website. Following these announcements, the company's shares moved -20.0%, and are now trading at a price of $4.28. For the full picture, make sure to review Montauk Renewables's 8-K report.
