Woodbois Ltd (AIM:WBI, OTC:WODBF) revealed that 2022 marked another solid year of progress with increased levels of production at both its factories in Gabon resulting in an unaudited full-year revenue increase of 32% $23.1mln and a 69% rise in gross profit to $5.9mln.
In a fourth-quarter (Q4 2022) update, Woodbois also revealed that EBITDAS increased by more than 3 times year-on-year (YoY) to $3mln, while its full-year 2022 gross profit margin increased to 25% versus 20% in 2021. The company said Q4 2022 revenue rose by 25% YoY to $6mln.
Woodbois had a cash balance of $2.3mln as of 31 December 2022, with period-end working capital of $10.1mln of which inventory was $4.6mln and excluding bank and other loans of $14.3mln.
Operationally, the company said sawn timber production in 2022 was approximately 18,600 cubic metres (m3), a 42% YoY increase, while veneer production of approximately 5,200m3 was a 38% increase YoY. Installation of a second veneer line was completed during the second half of 2022, with further volume increase expected in 2023.
Woodbois noted that a decision is awaited on its first afforestation application and it also continues to review its strategic options in Mozambique where conditions remain challenging.
Commenting on the update, Woodbois CEO Paul Dolan said: "Our team feels justifiably proud of what it has delivered in 2022. We are prepared for the challenges and optimistic for the outcomes that await us in the year ahead. Plans to continue the operational and financial growth are in place.
"Our ambition is to continue to strive for a position of leadership within a fragmented industry, whilst moving further up the value chain. The headwinds facing the global economy as we enter 2023 reinforce our management team's primary focus on becoming cash flow generative on a consistent and sustainable basis and thence to become dividend paying."