Turnaround9 Sep 2024 14:31
Below is what the company said: it has a huge business with carbon offsets a possible substantial profit maker. The price has fallen significantly as we know but there is plenty of scope for this to quickly double imo. Plenty of solid buying suggests this is about the lows. But I am bullish and that is just my view
Further, the Company has:
- withdrawn from uneconomic and burdensome business activities;
- materially reduced its local headcount (particularly of non-nationals) and hence costs;
- ceased sub-standard operational practices, with a focus on health and safety, transparency and on controls;
- focused on carrying-out repairs/upgrades of machinery and hiring specific skills to permit double shifts and maximise output;
- re-modelled its integrated activities from the forest to final customer, ahead of planned increases in its own-production in the latter part of the year;
- devoted much senior management time to ensuring we have good relations at all levels of governmental authorities.
So far in 2024 whilst implementing new management, procedures, procurement, replacing equipment and maintenance the Group was still able to maintain daily production around H1 2023 levels, with the sawmill averaging 37 m3/working day and in the veneer factory averaging 18 m3/working day. The operations are being readied for a planned major and sustainable increase to record levels in the second half of 2024.