- Geo Energy's 1Q25 results were above expectations. Revenue and PATMI were both 31% of our FY25e forecast. Net profit increased 63% y-o-y to US$14.1mil. Interim dividend jumped 25% to 0.25 cents.
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- Construction of the new 92km US$150mil hauling road and jetty is progressing to schedule. With 65% of the land clearing completed, the road is on track for completion by mid-2026. There is strong interest in both the equity and access to this road infrastructure.
The Positive
Production more than doubled.
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Decline in production cash cost.
- Cash cost declined US$5.7 per tonne or 14% y-o-y due to the lower strip ratio of the TBR mine. TBR mine strip ratio declined from 3.6x to 2.1x. Part of the production cost is also tied to a lower coal selling price.
The Negative
Drop in coal selling prices.
- Read more at SGinvestors.io.
