Geo Energy’s earnings for the 1QFY2025 ended March 31 grew 63% y-o-y to US$14.1 million ($18.29 million), with a net asset value per share increasing to 53 cents at the end of the month.
The group doubled its sales volume to 3.5 million tonnes in 1QFY2025 due to improved coal access in 2025 following the optimisation of mining plans in 2024.
This resulted in revenue growing 68% y-o-y to US$166.4 million in 1QFY2025 despite the lower average selling price (ASP) of US$46.98 per tonne in 1Q2025. In 1Q2024, the ASP was US$54.68 per tonne.
Gross profit for 1QFY2025 came in 71% y-o-y higher at $28.5 million.
The company has declared an interim dividend of 0.25 cents per share for 1QFY2025, 25% higher than the same period a year ago.
Geo Energy’s coal sales mainly comprised 2.5 million tonnes, 0.4 million tonnes and 0.7 million tonnes of coal from the Tanah Bumbu Resources (TBR), Sungai Danau Jaya (SDJ) and TRA coal mines respectively. It says that it is ahead of its targeted 2025 volumes of 10.5 to 11.5 million tonnes.
See also: CSE Global reports 4% y-o-y revenue growth to $205.5 mil in 1QFY2025
Geo Energy’s strategic investor, Resource Invest signed an MOU to invest US$50 to US$100 million in the group’s subsidiary Marga Bara Jaya, which is expected to be completed in June 2026. This will increase the group’s TRA production to 20-25 million tonnes per annum.
Geo Energy also signed two non-binding term sheet of usage leases with two major mining groups for about 25 million tonnes annually for up to 10 and 50 years.
Shares in Geo Energy closed 0.5 cents higher or 1.333% up at 38 cents on May 14.
