In line with the Group’s mining plan, higher production volume is expected in 2H2026 following the commencement of PT Marga Bara Jaya (“MBJ”) Integrated Infrastructure operations, enabling annual production in TRA to have a significant ramp-up of its coal volumes. The Group delivered coal sales of 3.6 million tonnes in 1H2026 (1H2025: 6.3 million tonnes), but with expected higher volumes in 2H2026, it is on track to achieve targeted coal production of 11.5–12.5 million tonnes for 2026.

 

• The coal prices have surged significantly in 2026, with average ICI4 prices increasing to US$58.13 per tonne for 1H2026, from US$47.91 per tonne for 1H2025. This drove the increase in the average selling price from US$46.26 per tonne in 1H2025 to US$53.88 per tonne in 1H2026. Coal prices have since strengthened further by about 10% with ICI4 prices averaging US$63.14 per tonne in July 2026.

 

• As a result, the Group recorded strong cash profit from its coal mining segment at US$47.5 million, with improved cash profit per tonne averaging at US$13.30 per tonne, as compared to the US$10.19 per tonne in 1H2025 due to higher ICI4 prices. As the sharp increase took place toward the end of 1H2026, the full impact of this increased coal prices on the average selling price will be captured in 3Q2026.

 

• The Group recognised general and administrative expenses of US$10.6 million in 1H2026, slightly higher than the US$9.2 million of 1H2025, following expansion of its TRA coal mine operations, MBJ Integrated Infrastructure as well as the newly acquired barging companies, PT Trans Maritim Pratama (“TMP”) and PT Bahari Segara Maritim (“BSM”) in January 2026.

 

• The Group’s depreciation and amortisation expenses in 1H2026 decreased to US$14.6 million (1H2025: US$19.9 million), mainly due to lower production volume.

 

• Reflecting the factors highlighted above, the Group's net profit for the period amounted to US$15.6 million (1H2025: US$20.1 million). 

 

 

“The first half of the year marked a transformative chapter for Geo Energy. With the successful operational commencement of the MBJ Integrated Infrastructure in July 2026 and the acquisition of controlling stakes in two marine logistics companies in January 2026, the Group has now unlocked the full potential of our flagship TRA coal mine.

 

We expect a meaningful increase in coal production during the second half of 2026 and remain on track to achieve our targeted coal production of 11.5–12.5 million tonnes for the year, with a ramp-up to 25 million tonnes per annum targeted within the next few years. Supported by strong coal prices backed by fundamental coal demand across the region, as well as MBJ's long-term earnings potential and cost savings for the Group, we are well positioned to deliver sustainable growth and create significant long-term value for our shareholders."