12:05 PM EDT, 08/12/2024 (MT Newswires) -- Geodrill ( GEODF ) said Monday that its profit more than doubled in the second quarter as it booked record revenue for the period.

The West Africa based drilling company posted a a profit of US$4.8 million, or US$0.10 per share, surging from US$2.0 million, or US$0.04, in the year-prior quarter.

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," chief executive Dave Harper said.

Geodrill's ( GEODF ) shares were last seen up $0.34 to $2.74 on the Toronto Stock Exchange.

Price: 2.74, Change: +0.34, Percent Change: +14.17