Ann: Investor Presentation Update 1H 2023, page-30

When the question was asked at a recent webinar about a buyback they said that they'd rather pay back debt.
If the share price goes to 40c then it makes sense to buy more, OMH made US$19 million (A$30 million) profit after tax in 6 months during a cyclic low. Remember that US$11.2 million was paid in tax for the 6 months and most of this will be credited back when the second 5 year tax exemption is granted. Add this to the US$20.5 million from last year.

"Income tax expense increased by US$20.5 million in FY2022. OM Sarawak has provided for 24% tax on 100% of its taxable income in FY2022, and is currently working towards meeting all the conditions set by MIDA to be eligible for a second 5 year tax exemption period (from 1 December 2021 to 30 November 2026) on 70% of its taxable income. Upon satisfaction by OM Sarawak of the MIDA conditions, OM Sarawak’s annual tax position will be adjusted accordingly."