Geo Energy has reported earnings of US$37.1 million ($49.78 million) for FY2024 ended Dec 31, 2024, down 40% y-o-y. Earnings for 2HFY2024 came in 70% y-o-y lower at US$10.4 million.
The group reported earnings per share of 2.65 cents per share for FY2024.
Revenue for the reporting period came in 18% y-o-y lower at US$401.9 million, while revenue for 2HFY2024 came in 7% y-o-y lower at US$232.5 million.
Geo Energy says that for FY2024, its average selling price (ASP) of US$50.69 per tonne was lower than the ASP of FY2023 which was US$57.88 per tonne.
The group delivered total coal sales of 7.9 million tonnes for FY2024, lower than the 8.4 million tonnes of coal sales recorded in FY2023.
The Indonesian coal index (ICI4) recorded lower prices in FY2024, but the group said that its cash profit per tonne from coal mining for FY2024 remained strong at an average of US$10.37 per tonne compared to US$12.19 per tonne in FY2023.
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The group reported a cash profit of US$82.2 million with a cash profit margin of 20.5% in FY2024.
Geo Energy has declared a final dividend of 0.4 cents per share, bringing the total dividends declared in FY2024 to 1 cent per share with a dividend yield of about 3.8% y-o-y.
For the coming year, the group is targeting a total coal sales of 10.5 million to 11.5 million tonnes. As of the date of announcement, the group has already delivered coal sales of about 2 million tonnes for Sungai Danau Jaya and Tanah Bumbu Resources, and 0.4 million tonnes for Triaryani mine since the start of FY2025.
Coal prices are expected to remain strong with Wood Mackenzie reporting in January 2025 that the average ICI4 price is expected to be between US$50.00 to US$53.00 per tonne in 2025.
Shares in Geo Energy closed flat at 26.5 cents per share.
