Whitehaven Coal Earnings: Solid First Half but Investors Keen to See Post-Acquisition Debt Repayment

While well down on the first half fiscal 2023, adjusted net profit after tax of AUD 373 million, or AUD 0.46 per share, in the first half of fiscal 2024, was solid. Whitehaven is on track to meet our full-year forecast of AUD 838 million, AUD 1.00 per share. Yes, the company made AUD 1.8 billion net profit in the same half last year, but this half eclipses all others until the 2022 coal price bonanza. Importantly, Whitehaven is in strong financial health with AUD 1.5 billion net cash at the end of December 2023. This is key given the imminent acquisition of the Daunia and Blackwater mines from BHP. The deal is on track to close in early April 2024 as planned.