TORONTO and MARSEILLE, France, April 30, 2024 /CNW/ - Foraco International SA (TSX:FAR) (the "Company" or "Foraco"), a leading global provider of mineral and water drilling services, today announced its first quarter 2024 results. All figures are expressed in US Dollars (US$) unless otherwise indicated. Revenue Revenue: US$ 77.1 m compared to US$ 88.4 m in Q1 2023 (-13%). Q1 2024 revenue is the second-best Q1 quarter of the last decade (+14% vs Q1 2022). During Q1 2024, several customers postponed the resumption of activities in January compared to 2023 which was partially recovered in the second part of the quarter. Profitability Gross Margin: US$ 16.8 m, or 21.8% of revenue (vs 23.9% in Q1 2023) EBITDA: US$ 17.6 m, or 22.8% of revenue (vs 21.6% in Q1 2023) Net Profit: US$ 8.5 m, or 11.0% of revenue (vs 9.1% in Q1 2023) EPS to equity holders:  8.78 US cents vs 6.56 US cents in Q1 2023 (+34% QoQ) Tim Bremner, CEO of Foraco, reflected on the quarter, stating, " Q1 2024 stands out as the second-best quarter of the last decade even through the activity level was slightly below that of Q1 2023 when most contracts were remobilized particularly early. Unfavorable exchange rates also impacted Q1 2024. However, the quarter ended on a strong note with a robust rebound in activity levels, smooth operations, and the successful completion of our withdrawal from Russia. We are optimistic as several clients have already initiated discussions to extend their long-term contracts." Fabien Sevestre, CFO of Foraco, shared insights into the financial outcomes, stating, "Our financial performance in Q1 2024 was robust, marked by an EBITDA margin of 22.8% compared to 21.6% in Q1 2023. The need for increased working capital arose from heightened activity in the latter half of the quarter. Our exit from Russia generated profit, with a related cash payment anticipated in Q2. With a 50% reduction in interest rates following our recent debt refinancing, we achieved a notable net profit and earnings per share that surpassed last year's figures. The approved C$0.06 per share dividend will be disbursed on July 18." Income Statement (In thousands of US$)(unaudited) Three-month  period ended March 31,  2024 2023 Revenue 77,089 88,378 Gross profit (1) 16,812 21,118 As a percentage of sales 21.8 % 23.9 % EBITDA 17,574 19,130 As a percentage of sales 22.8 % 21.6 % Operating profit  12,624 14,214 As a percentage of sales 16.4 % 16.1 % Net profit for the period  8,464 8,001 Attributable to: Equity holders of the Company 8,846 6,635 Non-controlling interests (382) 1,366 EPS (in US cents) Basic 8.96 6.70 Diluted 8.78 6.56   (1)  includes amortization and depreciation expenses related to operations. Highlights – Q1 2024 Revenue  Q1 2024 revenue amounted to US$ 77.1 million compared to US$ 88.4 million in Q1 2023, a decrease of 13%. Q1 2024 revenue remains the second-best first quarter of the last decade (+14% vs Q1 2022). In Q1 2023, most contracts were remobilized particularly early.  Delays noted in the first part of Q1 2024 were partially compensated by a robust rebound in activity towards the end of the quarter. Profitability Q1 2024 gross margin including depreciation within cost of sales was US$ 16.8 million (or 21.8% of revenue) compared to US$ 21.1 million (or 23.9% of revenue) in Q1 2023, the temporary revenue dip, leading to some under-absorption of fixed costs. During the quarter, EBITDA amounted to US$ 17.6 million (or 22.8% of revenue) compared to US$ 19.1 million (or 21.6% of revenue) for the same quarter last year. The Free Cash Flow for the period was US$ (19.0) million mainly explained by the working capital requirements resulting from the higher activity in the second part of the quarter and the capex required in the first quarter to support ...