09:09 AM EST, 11/11/2024 (MT Newswires) -- Geodrill ( GEODF ) , a West African based drilling company, swung to a profit for the third quarter on Monday, buoyed by strong revenue growth, while citing "favourable" market conditions and geographical expansion in its outlook.

The company reported Q3 2024 adjusted diluted earnings Monday of US$0.06 per share, representing a net income of $2.6 million or $0.06 per ordinary share, up from a net loss of $2.95 million or a loss of $0.06 per share a year earlier.

Revenue for the quarter ended Sept. 30, was $34.1 million, up 13% from $30.3 million a year earlier.

Geodrill ( GEODF ) reported EBITDA of $7.6 million, or 22% of revenue, compared to $0.6 million, or 2% of revenue, in the third quarter of 2023. It ended the quarter with net cash of $3.5 million, excluding right-of-use liabilities.

Geodrill ( GEODF ), citing a "strong presence" in Ghana and Cote d'Ivoire, said it had secured more than $150 million in contracts in 2024, expected to support revenue and profitability over the next three to five years. After the quarter ended, Geodrill ( GEODF ) secured $49 million in contracts in Chile, including multi-rig, multi-year agreements. The company also began new drilling projects in Chile and Peru.

Geodrill ( GEODF ) expanded its presence in Egypt under a long-term contract and upgraded its fleet, closing the quarter with 95 rigs, according to its statement.

On outlook, the company said the strong gold price continues to provide tailwinds for exploration drilling; it is actively expanding its geographical reach and diversifying its commodity portfolio.