Geo Energy Resources Limited has announced a net profit of US$37.3 million for the financial year 2024, alongside a final dividend of 0.4 Singapore cents per share, culminating in total dividends of 1.0 Singapore cent per share for the year. The company achieved a total coal sales volume of 7.9 million tonnes, generating $401.9 million in revenue, despite facing adverse weather conditions.
The group’s average selling price for coal in FY2024 was $50.69 per tonne, a decrease from $57.88 per tonne in FY2023. Despite this, Geo Energy maintained a robust cash profit per tonne of $10.37, attributed to its resilient cost model that adjusts with fluctuating ICI4 prices. The company reported a cash profit of US$82.2 million, with a cash profit margin of 20.5%.
Looking ahead, Geo Energy aims to increase its coal sales to between 10.5 and 11.5 million tonnes in FY2025. As of now, the company has already delivered approximately 2.4 million tonnes of coal sales. Executive Chairman and CEO Charles Antonny Melati highlighted the company’s strategic investments, stating, “Advancing towards our vision of becoming a billion-dollar energy group, we have laid the foundation with the acquisition of PT Golden Eagle Energy Tbk.”
Geo Energy is also progressing with its US$150 million Integrated Infrastructure project, expected to be completed in the first half of 2026. This project is anticipated to deliver significant cost savings and increased production capacity. With coal demand projected to rise globally, the company remains optimistic about its future growth and profitability.
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