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Geo Energy announces revenue surge, earnings turnaround from high coal prices

Goola Warden
Goola Warden2/24/2022 06:00 PM GMT+08  • 2 min read
Geo Energy announces revenue surge, earnings turnaround from high coal prices
Geo Energy Resources announces record year with revenue doubling in 2021, and net profit turning around to US$179.1 million
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Geo Energy Resources has had a record 2021. Driven by the increase in sales volume and high ASP, Geo Energy achieved its highest ever revenue and net profits in FY2021. Revenue doubled y-o-y to US$641.9 million in 2021.

Net profit from operations of US$179.1 million was a turnaround from the net loss from operations of US$11.5 million in 2020, excluding the gain on repurchases of USD bonds. Ebitda and free cash flows for 2021 increased significantly to US$270.9 million, and US$272.6 million, respectively.

Cash profit from coal mining for 2021 averaged at US$25.05 per tonne, 4 times higher when compared to US$6.25 per tonne in 2020. The strong result was attributed to the higher average selling price (ASP) but was partly offset by the higher production cash cost as the Group’s cost structure links certain costs to the coal index prices.

The impact of the increasing coal index prices on the production cash cost was cushioned by the exclusion of 10% VAT due to changes in tax regulations following the passing of the Indonesian Omnibus Law in November 2020.

Geo Energy rewarded shareholders with a final dividend of 5 cents, after paying out an an interim dividend of 4 cents, taking dividend payout ratio to 52%.

Photo by Bence Balla-Schottner on Unsplash

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