Master Drilling has long been a frustrating disappointment for its fans on the JSE. Despite its unique drilling technology, and the fact that it is one of the largest rock-boring operators in the world, the small-cap company seems unable to convincingly ride any upswing in the commodities cycle. That’s evident in its shares, which have delivered a negative total return of 25% over five years against the resource index’s gain of 116%. Annual results out this week — despite a cracker market for platinum, gold and iron ore mines in 2020, in particular — showed a 17% slip in revenue to $123m and a 78% collapse in earnings, to 2.2 US cents a share. The FM spoke to CEO Danie Pretorius and CFO André van Deventer.
How can it be that your earnings have plunged amid a commodity price boom?..
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