Geo Energy Resources Ltd posted a net profit of US$27.5 million for the year ended Dec 31 2025, up 26 per cent from a restated US$21.9 million a year earlier, as a surge in coal shipments more than offset lower benchmark prices and a higher tax bill.
Revenue climbed 40.0 per cent year-on-year to US$562.7 million, while profit before tax nearly doubled to US$49.1 million. The board declared a final dividend of 0.10 Singapore cent a share, bringing total FY2025 payouts to 0.55 Singapore cent; comparative figures for FY2024 were not disclosed.
The stronger top line reflected a 62.0 per cent jump in coal sales to 12.8 million tonnes, driven by increased output from the PT Tanah Bumbu Resources (TBR) and PT Triaryani (TRA) mines. Total coal production reached 12.5 million tonnes, beating the company’s 10.5 to 11.5 million-tonne target. Lower cash costs—down to an average US$34.10 per tonne from US$40.32—helped sustain operating margins, keeping cash profit at US$10.02 per tonne despite a 15 per cent slide in the Indonesian Coal Index 4200 GAR (ICI4) benchmark to US$46.07.
Geo Energy’s bottom line was held back by a sharp rise in tax expenses to US$21.6 million from US$3.3 million, linked to Indonesia’s pricing regulations that tax producers on the higher of actual selling prices or government-set benchmark prices (HPB).
Looking ahead, the group is pressing on with its infrastructure build-out. The Marga Bara Jaya (MBJ) haul road and jetty—77 per cent complete as at 22 Feb 2026—are slated for commissioning by June 2026 with capacity of up to 40–50 million tonnes a year. Management expects the project to lift TRA’s output to 20–25 million tonnes annually and open a new revenue stream from third-party haulage.
Geo Energy also finalised the purchase of 51 per cent stakes in Indonesian tug-and-barge operators PT Trans Maritim Pratama and PT Bahari Segara Maritim in January 2026. The acquisitions are intended to secure vessel availability for the expanding coal business and improve logistics margins, while offering potential revenue from third-party freight services.
Executive chairman and chief executive Charles Antonny Melati said the FY2025 performance underlines the company’s resilience and disciplined cost structure, noting that record volumes were achieved “in a lower price environment and challenging weather conditions.” He added that ongoing investment in logistics assets and mine development positions the group to pursue its ambition of becoming a “billion-dollar energy group” while maintaining its dividend policy.
Industry forecasters remain cautious: Wood Mackenzie expects global seaborne thermal-coal exports to slip to 942 million tonnes in 2026 from 1.02 billion tonnes in 2025 amid potential output reductions in Indonesia. Nevertheless, the ICI4 benchmark has rebounded 19 per cent since the second half of 2025 to US$52.64 a tonne as at 20 Feb 2026, with prices projected to hover around US$53 through the rest of the year.