Geo Energy Resources (RE4) Q1 2025 earnings summary

Executive summary

• Q1 2025 coal sales nearly doubled to 3.5 million tonnes, supporting 68% revenue growth and 63% net profit growth despite lower average selling prices.

• 2025 sales target remains 10.5–11.5 million tonnes, with Q1 volumes ahead of the targeted pace.

Financial highlights

• Revenue rose 68% YoY to US$166.4 million from US$99.0 million; gross profit was US$28.5 million versus US$16.7 million.

• Profit before tax rose 74% to US$19.1 million; net profit increased 63% to US$14.1 million from US$8.7 million.

• Net other expense was US$0.4 million versus US$2.1 million net other income in Q1 2024, including allowances related to the proposed PT Surya Tambang Tolindo disposal.

• G&A expenses rose to US$4.9 million from US$3.5 million, reflecting TRA expansion and MBJ infrastructure activity; finance costs fell to US$4.3 million from US$5.1 million.

Outlook and guidance

• MBJ integrated infrastructure is targeted for completion in H1 2026, with development progressing on schedule; it is expected to support logistical savings and recurring infrastructure revenue.

• Infrastructure could support TRA production of 20–25 million tonnes p.a.; targeted road haulage capacity is up to 40–50 million tonnes per year.

• Final dividend decision will follow assessment of full-year performance; the 30% payout policy remains in place.