Enaex (ENAEX) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024, reached $910.9 million, up from $490.2 million in the same period last year, reflecting strong growth in core operations.

• Net income attributable to owners rose to $76.0 million from $33.8 million year-over-year, with basic and diluted EPS increasing to $0.669 from $0.301.

• The group continues to expand internationally, with recent acquisitions in Australia, Africa, and Europe, strengthening its global footprint in mining explosives and services.

Financial highlights

• Gross profit for the first half of 2024 was $218.5 million, up from $103.0 million year-over-year.

• Operating income increased to $126.2 million from $57.0 million year-over-year.

• Cash and cash equivalents decreased to $177.9 million as of June 30, 2024, from $244.6 million at year-end 2023.

• Net cash provided by operating activities was $117.2 million, up from $59.6 million year-over-year.

Outlook and guidance

• The company is positioned as a leading global supplier of ammonium nitrate and mining explosives, with ongoing international expansion and investments in technology and digital mining solutions.