Hot stock: Geo Energy up 8.3% after posting stronger H2 earnings

SHARES of Indonesian coal producer Geo Energy Resources RE4 : RE4 0% were up on Monday (Feb 28), after it, in the previous week, posted stronger earnings for its second half of the fiscal year ended December.

The counter had hit a high of S$0.455 at 9.17 am, up S$0.035 or 8.3 per cent, with 9.3 million shares changing hands.

No married deals were recorded, according to ShareInvestor data.

As at 10.45 am, its shares have eased slightly to trade at S$0.45, up S$0.03 or 7.1 per cent, with 17.6 million shares changing hands.

On Friday, shares of Geo Energy were also actively traded. It hit its intraday high of S$0.43 at 9.02 am, up S$0.035 or 8.9 per cent, with 5.7 million shares traded. The counter later closed at S$0.42.

The company had on Thursday, after market trading hours, posted a net profit of US$129.8 million for H2, up from US$28.4 million a year ago, largely due to stronger coal prices.

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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.

Geo Energy's revenue for H2 also rose to US$421.6 million from US$146.1 million in the year-ago period due to an increase in sales volume and higher average selling prices.

For the period, Geo Energy's board of directors has also recommended a final dividend of S$0.05 per share, up from S$0.008 per share in the comparable year-ago period. This took the group's total dividend for FY2021 to S$0.09 per share.

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