“Not only could these tailwinds accelerate Geodrill’s growth, but they come at a time when our company is stronger than ever; we’re attracting top-tier names, growing into new territories and further cementing our reputation as a driller of choice,” said Harper.
The company reported full-year earnings per share, jumping more than 81% to 31c from 0.17c a year ago, and for the fourth quarter, rising 20% 6c from 5c in the comparable period of 2020.
In 2021, the company’s gross margin expanded to 26.1% and, for the fourth quarter, contracted to 24.3%.
EBITDA for the financial year increased 55.4% year-on-year to $29.45 million, and the margin expanded to 25.6%. For the fourth quarter, the EBITDA improved by 27.9% year-on-year to $7.31 million, and the margin expanded to 27.3%.
Geodrill ended the year with net cash of $2.4 million.
“Our results speak to the hard work over the last several years and the past two decades,” said Harper.
“That’s from the training we provide our rig operators to how we rigorously maintain our fleet and everything in between. We’re providing a somewhat bespoke service, and our dedication to delivering quality results is paying off in increased brand reputation,” said Harper.
The company expects its drill rig fleet size to increase by seven rigs by the end of 2022.
“Readied with the highest ever annual revenues, more than 20 years of operational experience, and an expanded rig fleet, our outlook for 2022 remains exceedingly positive. We remain confident of maintaining top-line performance momentum underpinned by strong utilization rates, drilling activity, and commodity pricing strength,” said Harper.
The company’s Toronto-quoted equity is trading up more than 52% over the past 12 months at C$2.78 apiece, which gives the company a market capitalization of C$125.98 million ($98.44 million).
