Capital Ltd. Sees Strong Second Half with Increase in Revenue


Capital Ltd., an Africa-focused mining services company, has reaffirmed its revenue guidance for 2023 and reported an increase in its second-quarter revenue, despite temporary operational interruptions.

Second Quarter Revenue Increase

For the three months ending June 30, Capital Ltd. recorded $76.5 million in revenue, compared to $71.2 million for the same quarter last year.

The average monthly revenue per operating rig during this period was $183,000, showing a 7.0% increase compared to the previous year, but a 4.7% decrease compared to the previous quarter.

Revenue Guidance for 2023

Capital Ltd. maintains its revenue guidance for the year, estimating it to be in the range of $320 million to $340 million.

Future Business Opportunities

Chief Executive Peter Stokes expressed optimism for the company’s future growth, stating that the revenue driving factors will come from various business divisions. He mentioned the commencement of the Ivindo iron ore mining contract in Q3 2023, the ramping up of world-class drilling contracts at Ivindo iron ore and Barrick’s Reko Diq project announced earlier in the year, and the continued expansion of MSALABS’ global network of laboratories.

With a strong second half expected and these promising ventures, Capital Ltd. looks forward to a successful future.

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