Geo Energy’s revenue drops 29% in H1 2024

Net profit declined 2% to $35.5m (US$26.8m).

Geo Energy reported a net profit of $35.5m (US$26.8m) for H1 2024, down 2% from $35.9m (US$27.1m) in H1 2023.

Revenue for the period also declined 29% to $224.2m (US$169.4m) from $317.3 (US$239.8m) a year ago due to lower Indonesian Coal Index (ICI4) prices averaging $74.29 (US$56.13) per tonne in 1H2024, compared to $93.26 (US$70.46) per tonne in 1H2023.

The company declared an interim dividend of $0.02, representing a dividend payout of 11.4%.

Recently, Geo Energy has signed a contract to construct a US$150m Integrated Infrastructure in Indonesia, which is expected to generate an estimated US$400m to US$500m EBITDA per annum.

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