Geo Energy Resources has reported a net profit of US$35.7 million ($50 million) for its 3QFY2022 ended September, a 21% decline y-o-y due to weather conditions at its mines caused by the La Niña.
Net profit for 9MFY2022 at US$141.7 million, however, is 51% higher compared to the same period last year.
Geo Energy’s earnings per share for the 3QFY2022 and 9MFY2022 stood at 3.59 cents and 14.34 cents respectively on a basic basis.
3QFY2022 revenue at US$164.7 million, a 7% increase from 3QFY2021 driven by higher average selling prices
For 9MFY2022, the company recorded a revenue of US$533.1 million, an increase of 43% from 9MFY2021.
The average Indonesian Coal Index price for 4,200 GAR coal (ICI4) was US$82.20 per tonne in 3QFY2022 and US$84.56 per tonne in 9MFY2022, compared to US$72.28 per tonne in 3Q2021 and US$55.95 per tonne in 9M2021.
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EBITDA for 3QFY2022 and 9MFY2022 were US$59.8 million and US$222.4 million respectively, at respective margins of 36% and 42%.
In view of its positive financial performance for 9MFY2022, the company is declaring an interim dividend of 1 cent per share, bringing a total of 5 cents per share in interim dividends to shareholders declared for the FY ending Dec 31.
Including the 2021 final dividend of 5 cents per share paid this year, these represent a dividend yield to date of 26% and a total shareholders’ return of 51% based on the Company’s share price of 39 cents per share as of Nov 8, says Geo Energy CEO and executive director Tung Kum Hon.
Moving forward, the company is strategically seeking for business diversification, continuing to look at various opportunities to expand its revenue streams by way of potential joint ventures, trading, and value accretive acquisitions, says its executive chairman Charles Antonny Melati.
“We are not only eyeing the expansion of our revenue streams but aiming to reduce our reliance and exposure on coal price volatility and to advance our sustainable targets,” he adds.
As at 10am, shares in Geo Energy are trading 2.5 cents lower or 6.17% down at 38 cents.
