Coal and gold miner Golden Energy and Resources has reported earnings of US$171 million for 2HFY2021 ended Dec 2021, up 113.2% y-o-y.
Revenue in the same period was US$1.07 billion, up 32.3% y-o-y, thanks to higher coal prices amid a pandemic-induced supply shortage.
For the whole of FY2021, earnings surged 629% y-o-y to US$251.3 million – its all-time high. Revenue was up 61% to US$1.87 billion, also a record.
Despite the better earnings, the company will not be paying a dividend as it wants to channel the resources to its on-going acquisitions of other mines.
Executive chairman Fuganto Widjaja calls FY2021 a “transformational year”, as GEAR not only achieved record earnings but also “continued to make good progress” in its bid to broaden its portfolio to include mines producing coal used for steel mills, instead of just selling coal used for power generation as it is now.
“There continues to be strong underlying demand for both energy coal and metallurgical coal which are areas where the group has strong capabilities in, and we will continue to seize opportunities in all of our business segments,” he says.
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GEAR shares closed Feb 18 at 37 cents, down 1.33% for the day but up 23.3% year to date.
