The group also recorded higher general and administrative expenses and finance costs of US$6.2 million (1HFY2023: US$4.9 million) and US$9.9 million (1HFY2023: US$0.07 million) respectively in 1HFY2024 following the acquisition of PT Golden Eagle Energy Tbk in 2023.
Cash profit per tonne from coal mining for 1HFY2024 remained healthy at an average of US$11.94 per tonne (1HFY2023: US$15.69 per tonne), despite lower ICI4 prices. This is in part due to the group’s resilient cost model where its cash cost decreases along with lower ICI4 prices.
Furthermore, the group aims to improve its cost efficiencies through the continuous optimisation of its mining plan. The group’s cash profit margin remains relatively stable at 23% in 1HFY2024 (1HFY2023: 24%).
Geo Energy has declared a second interim dividend of 0.2 cents per share. This represents a dividend pay-out of 11.4%.
See also: Fortress Minerals earnings for 1QFY2026 up 7.2% y-o-y to US$2.48 mil
“Moving ahead, we will continue to take proactive steps to expand our value proposition within the energy value chain and position our business model towards our vision of becoming a billion-dollar energy group,” says Charles Antonny Melati, executive chairman and CEO of Geo Energy.
Shares in Geo Energy closed at 28 cents on Aug 8.
