Geo Energy H2 net profit rises to US$129.8m on stronger coal prices, proposes final dividend of S$0.05

INDONESIAN coal producer Geo Energy Resources RE4 on Thursday (Feb 24) posted a net profit of US$129.8 million (S$175.4 million) for the second half of the fiscal year ended December, up from earnings of US$28.4 million in the corresponding year-ago period.

This brought the group's full-year earnings for FY2021 to US$177.9 million, up 87 per cent from FY2020's earnings of US$94.9 million.

The better performance was due chiefly to stronger coal prices, Geo Energy's chief executive Tung Kum Hon told The Business Times in an exclusive interview. The average Indonesian Coal Index price for 4,200 GAR (gross as received) coal (ICI4) more than doubled to US$65.85 per tonne in 2021 from US$29.29 per tonne in 2020.