The drilling services provider sticks to its dividend payments despite a challenging year and reduced net cash generationMaster Drilling CEO Danie Pretorius . Picture: ROBERT TSHABALALA
Master Drilling reported post-tax profit of $17.47m for the year to end-December, compared to $17.45m the previous year, despite a 14% increase in revenue to $139m.Net cash generation from its activities in South America, Africa, India and Europe dropped to $26m from $33m the year before. Debt grew to $60m from $44m during the year as the company expanded by completing the takeover of Bergteamet Raiseboring Europe in Scandinavia and Atlantis Group in SA as well as adding five new raise-bore machines to its fleet.
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