Coal miner Whitehaven Coal has reported a strong financial year for 2023, despite a decrease in production. The company, listed on the ASX, saw a 23% rise in revenue for the year ending June, reaching A$6 billion, up from A$4.9 billion in the previous fiscal year. Net profits after tax also increased by 37% during the same period, from A$1.95 billion to A$2.6 billion. Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 30% from A$3 billion to A$3.9 billion.

Whitehaven's focus on safety and environmental management yielded positive results, with no environmental enforceable actions recorded for the year. CEO Paul Flynn noted the positive impact of record coal prices and the company's portfolio of high-quality thermal and metallurgical products on sales performance. Approximately 94% of sales were directed to the higher-priced thermal market, leading to an average realized price of A$445 per ton.

However, production was affected in the first half of the year due to localized flooding and labor shortages. This resulted in a 9% year-on-year reduction in run-of-mine (RoM) production, totaling 18.2 million tonnes. Saleable coal production during the quarter declined by 9% to 15.7 million tonnes, with total coal sales down 12% to 16.6 million tonnes.

Flynn highlighted Whitehaven's commitment to improving operational performance, with targeted recruitment and retention initiatives, business improvement projects, and operational enhancements at the Narrabri site. For the 2024 fiscal year, the company aims to achieve RoM production between 18.7 million and 20.7 million tonnes, with managed coal sales projected to reach between 16 million and 17.5 million tonnes. Whitehaven has set a capital expenditure target of between A$460 million and A$570 million, excluding deferred settlement payments for past acquisitions.