The New Hope Corporation Limited (ASX: NHC) share price is up 6.2% in late morning trade on Tuesday.
Shares in the S&P/ASX 200 Index (ASX: XJO) coal stock closed yesterday trading for $4.90. Shares are currently trading for $5.21 apiece.
ASX 200 investors are bidding up New Hope shares following the release of the coal miner's half-year results this morning for the six months ending 31 January.
And some results they were.
Image source: Getty Images
What's spurring ASX 200 investor interest today?
The New Hope share price is rocketing after the miner reported a remarkable 103% increase in net profit after tax (NPAT) compared to the prior corresponding half year. NPAT for the six months came in at $669 million.
The massive profit boost was driven by a 54% year on year surge in revenue, which came in at $1.58 billion.
Income investors may also be snapping up shares today after the company declared fully franked, interim dividends of 40 cents per share (inclusive of a 10 cps special dividend). At the current New Hope share price that works out to an instant yield of 7.7% from the interim dividend alone.
Well, not quite instant.
New Hope stock trades ex-dividend on 17 April. Investors holding shares at market close on that day can expect the outsized dividend payout to hit their bank accounts on 3 May.
What's next for the New Hope share price?
Looking ahead to what could impact the New Hope share price over the coming months, the miner said global thermal coal demand was outstripping supply, pointing to Southeast Asia as an expected growth market.
It noted that "All major coal suppliers face considerable constraints, placing increased value on already permitted, low cost operations."
The company added that the New South Wales government has granted its Bengalla Exploration Licence, which "should provide further long-term growth opportunity".
What kind of growth?
New Hope said it has the "ability to almost double current production levels over the next three years through organic growth".
New Hope share price snapshot
Though still down in calendar year 2023, the New Hope share price remains up an impressive 76% over the past 12 months.
