Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

<ul><li>FY2025 was a stronger operating year than the initiation case had assumed, but it was still not the year that fully proved the broader strategic build-out.</li><li>Sales rose 62% to 12.8mt, production rose to 12.5mt, and revenue rose 40% to US$562.7m despite weaker Indonesia Coal Index 4 (ICI4) pricing.</li><li>Cash cost per tonne fell to US$34.10 from US$40.32, which helped defend margins in a softer benchmark year. </li></ul>

FY2025 was a stronger operating year than the initiation case had assumed, but it was still not the year that fully proved the broader strategic build-out.Sales rose 62% to 12.8mt, production rose to 12.5mt, and revenue rose 40% to US$562.7m despite weaker Indonesia Coal Index 4 (ICI4) pricing.Cash cost per tonne fell to US$34.10 from US$40.32, which helped defend margins in a softer benchmark year. 

Geo Energy Resources Limited: Results Update

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Geo Energy is strategically transitioning from a pure coal producer to an integrated mining and infrastructure company to mitigate the inherent volatility of commodity markets.</li>
  <li>The company's financial performance is highly sensitive to fluctuations in global coal prices, as evidenced by recent declines in revenue and profitability from peak levels.</li>
  <li>Successful completion and monetization of its 92km hauling road and jetty project are critical catalysts for future growth, promising significant cost savings and a new, stable, service-based revenue stream.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Geo Energy is strategically transitioning from a pure coal producer to an integrated mining and infrastructure company to mitigate the inherent volatility of commodity markets.
  The company's financial performance is highly sensitive to fluctuations in global coal prices, as evidenced by recent declines in revenue and profitability from peak levels.
  Successful completion and monetization of its 92km hauling road and jetty project are critical catalysts for future growth, promising significant cost savings and a new, stable, service-based revenue stream.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Geo Energy Resources (GERL SP) - Mar 2026

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>FY25 results reflect strong volume-led growth despite pricing and tax headwinds.</li><li>Geo Energy reported FY25 revenue of US$562.7mn (+40% YoY), driven by a 62% increase in sales volume to 12.8Mt (FY24: 7.9Mt).</li><li>Profit before tax rose 95% YoY to US$49.1mn, while net profit increased 26% YoY to US$27.5mn, demonstrating the Group’s ability to scale operations and deliver earnings growth despite weaker coal prices and a higher effective tax rate under Indonesia’s HPB-linked framework in 2H25.</li></ul>

FY25 results reflect strong volume-led growth despite pricing and tax headwinds.Geo Energy reported FY25 revenue of US$562.7mn (+40% YoY), driven by a 62% increase in sales volume to 12.8Mt (FY24: 7.9Mt).Profit before tax rose 95% YoY to US$49.1mn, while net profit increased 26% YoY to US$27.5mn, demonstrating the Group’s ability to scale operations and deliver earnings growth despite weaker coal prices and a higher effective tax rate under Indonesia’s HPB-linked framework in 2H25.

Geo Energy Resources Ltd: Execution-Driven Inflection Amidst Current Coal Upcycle

<ul>
<li>Geo Energy is an Indonesian thermal coal producer selling into seaborne Asian markets.</li>
<li>It earns money by extracting, hauling, and delivering low to mid calorific coal from a small number of owned mining concessions, while outsourcing most of the mining work to contractors.</li>
<li>Cash outcomes depend more on mine execution, logistics flow, and cost control than on headline coal prices. Volume delivery, strip ratios, and shipping reliability matter as much as realized pricing.</li>
</ul>


Geo Energy is an Indonesian thermal coal producer selling into seaborne Asian markets.
It earns money by extracting, hauling, and delivering low to mid calorific coal from a small number of owned mining concessions, while outsourcing most of the mining work to contractors.
Cash outcomes depend more on mine execution, logistics flow, and cost control than on headline coal prices. Volume delivery, strip ratios, and shipping reliability matter as much as realized pricing.


Geo Energy Resources Limited: Initiating Coverage

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

<ul><li>Geo Energy Resources Limited was established in 2008 and listed on the Mainboard of the Singapore Exchange in 2012.</li><li>The Group is one of the major coal producers in Indonesia, mainly producing coal characterized by its low ash and sulphur contents.</li><li>The Group is also developing an integrated infrastructure project where excess capacity will be leased to create an additional revenue stream.</li></ul>

Geo Energy Resources Limited was established in 2008 and listed on the Mainboard of the Singapore Exchange in 2012.The Group is one of the major coal producers in Indonesia, mainly producing coal characterized by its low ash and sulphur contents.The Group is also developing an integrated infrastructure project where excess capacity will be leased to create an additional revenue stream.

Geo Energy Resources Ltd: Production Ramp Up Alongside Infrastructure Expansion

Singapore

Geo Energy Resources is an established coal mining group operating in Indonesia, focusing on low-cost production of premium coal with low-ash and low-sulphur characteristics. The company's core activities include owning and operating coal mines, providing mining contracting services, and trading coal. Headquartered in Singapore, the company was established in 2008.

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Geo Energy Resources (GERL SP)

Geo Energy Resources Limited: Results Update

FY2025 was a stronger operating year than the initiation case had assumed, but it was still not the year that fully proved the broader strategic...

ICAM

Primer: Geo Energy Resources (GERL SP) - Mar 2026

Geo Energy is strategically transitioning from a pure coal producer to an integrated mining and infrastructure company to mitigate the inherent...

αSK Primers

Geo Energy Resources Ltd: Execution-Driven Inflection Amidst Current Coal Upcycle

FY25 results reflect strong volume-led growth despite pricing and tax headwinds. Geo Energy reported FY25 revenue of US$562.7mn (+40% YoY), driven...

KGI Securities

Geo Energy Resources Limited: Initiating Coverage

Geo Energy is an Indonesian thermal coal producer selling into seaborne Asian markets. It earns money by extracting, hauling, and delivering low...

ICAM

Geo Energy Resources Ltd: Production Ramp Up Alongside Infrastructure Expansion

Geo Energy Resources Limited was established in 2008 and listed on the Mainboard of the Singapore Exchange in 2012. The Group is one of the major...

uSMART Securities

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