07:56 AM EDT, 08/12/2024 (MT Newswires) -- Geodrill ( GEODF ) said Monday that its net income more than doubled in the second quarter as it booked record revenue during the period.

The West African based drilling company posted a net income of US$4.8 million, or US$0.10 per share, surging from US$2.0 million, or US$0.04 per share.

Revenue jumped 26% to a record US$41.2 million while EBITDA climbed to US$10.7 million from US$6.2 million.

Geodrill ( GEODF ) said the strong price of gold continues to provide tailwinds for exploration drilling. It added that the company is expanding its geographical reach and diversifying its commodity portfolio.

"As we move into the second half of the year, strong demand for our services, an improved pricing landscape, and a robust pipeline of opportunities reinforce our confidence in delivering exceptional value to our shareholders," President and CEO Dave Harper said.

Geodrill's ( GEODF ) share price rose 4.4% on Friday to $2.40.