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Geo Energy Resources Limited Honored at the Asia Pacific Enterprise Awards 2020


SINGAPORE - Media OutReach - 2 December 2020 - Enterprise Asia is pleased to present an impressive list of sixty-one outstanding award recipients at the Asia Pacific Enterprise Awards (APEA) 2020 Regional Edition. These leading figures have set and proven themselves consistent and exceptional entrepreneurial spirit in going above and beyond expectations during this unprecedented year.

Established in 2007, APEA recognises outstanding entrepreneurs and organisation representing the best the industry has to offer. An initiative by Enterprise Asia, the region's leading NGO, APEA is the largest regional recognition program, with over 3,000 nominations received each year, and less than one-tenth of that receiving the awards in all 14 markets. 

This year, Enterprise Asia has rebranded its flagship program -- APEA, from Asia Pacific Entrepreneurship Awards to Asia Pacific Enterprise Awards with two additional enterprise awarding categories - Inspirational Brand Award and Fast Enterprise Award in bid to further recognise championing enterprises in strong reputation and thriving growth. This brings APEA to a total of four awarding categories -- Master Entrepreneur, Corporate Excellence, Inspirational Brand, and Fast Enterprise.

Due to the impact of the pandemic, APEA 2020 Regional Edition was commenced virtually on 20 November 2020 with the theme of 'Accelerating Growth Beyond Borders'.  The theme objective is to unlock boundaries and shifting businesses to move beyond adaption and lead with impact. The APEA has gathered distinguished business leaders and organisations across 14 countries and markets into one unparalleled platform in fostering the continuity of sustainable entrepreneur growth in Asia.

Company Introduction

Geo Energy is a Mining & Energy group listed on the Mainboard of the SGX and is part of the Singapore FTSE-ST index. From a relatively small-scale mining services provider, the Group has transformed itself into a low-cost coal producer with high-quality mining assets today. Geo Energy also collaborates with the biggest partners in the industry, such as PT Bukit Makmur Mandiri Utama (BUMA), one of the largest mining contractors in Indonesia, and international commodity traders such as Trafigura and Macquarie Bank.

Geo Energy produces low-ash, low-sulphur coal that is not only eco-friendly, but also has a high demand for blending purposes. The coal is needed as a cheap source of energy in many developing countries in Asia, and also helps mitigate environmental impact due to its cleaner coal specifications. The Group sells its coal to Indonesia and China, South Korea, Thailand, India and the Philippines. This is in line with Geo Energy's vision in setting the pace to run its business with corporate social responsibility concepts firmly embedded within daily operations to protect the people, the environment and the communities, and the Group's commitment to sustainable growth and enhancing shareholders value.

Corporate Culture

Geo Energy believes in setting the right culture from the first step, by prioritising the safety, health and well-being of its workforce and communities. This is the principal reason that the Group has maintained zero cases of corruption and bribery, as well as achieved zero fatalities and work-related injuries. To give back to the society and community, Geo Energy has provided jobs and built schools to give better opportunities to the locals. In addition, the Group is committed to post-mining reclamation as the cornerstone of good environmental management in its industry. Geo Energy provides bursary scholarships for university students through its partnership with Singapore Institute of Technology and has regularly participated in and sponsored the annual Run for Hope organised by the Singapore Cancer Society. In view of the COVID-19 outbreak, the Group also provided medical aids and supplies in Indonesia and Singapore. Geo Energy believes in creating a conducive environment for employees to work together, providing them with ample opportunities to grow in their careers, organising activities for their holistic well-being and rewarding them fairly based on their work performance.

Achievements and Impact

In 2015, the Group transformed its business model and completed the acquisition of the SDJ coal mine, commencing full operations the following year and achieving a revenue of US$182.1 million in 2016. In 2017, the Group acquired its second mine, TBR, near doubling its coal reserves and targeted annual production rate. The Group achieved a CAGR of 154% from 2015-2018 before coal prices became depressed in 2019 and 2020. Despite the difficult coal price environment, the Group managed a strong performance in 1H2020 by reducing its cost base in 2Q2020 by 29% from the average cost in 2019 and achieving record sales and production volumes of 5 million tonnes. Based on the annualised sales of 10 million tonnes, this is an implied 81% growth from 2016 when it commenced its first coal sales from the SDJ coal mine.The Group continues to be an upward trajectory for growth, targeting coal sales of 10-12 million tonnes in the coming years.

In 2017, Geo Energy embarked on roadshows in Hong Kong, Singapore, London, New York and Boston for the issuance of US$300 million Senior Notes. The issuance, which was oversubscribed by more than 3 times or US$1.2 billion, increased Geo Energy's international profile as numerous multi-billion dollar funds invested in it. Following the COVID-19 crisis, the Group optimised its capital structure and reduced its gearing by 78%, through a series of repurchases totaling US$241 million of its Senior Notes in 10 months from December 2019 to September 2020. This reduced its annual interest by 80% from US$24 million to US$4.7 million. The Group signed on Life of Mine coal offtake agreements and prepayment facility agreements with world-class international traders. The offtake with these international traders brought strong strategic partners for the Group and broadened its reach in the international market. Macquarie Bank also came in as an equity partner for Geo Energy.

The Group has received recognition for its performance and corporate excellence for corporate transparencies, ESG practices, investor relationships, Singapore fastest growing companies. These awards are a testament to its corporate excellence.

Future Direction

Geo Energy constantly seeks out acquisitions of mining concessions to increase production quantity and at the same time, diversify the sources of its coal. The Group also looks for other means to expand its revenue streams by way of potential joint ventures and trading of third party coal. The Group will continue to work to strengthen its core earnings through opportunities to emerge as one of the top Indonesian integrated Mining Groups and bolster the innovative strength of the people and build a resilient company.

About Enterprise Asia

Enterprise Asia is a non-governmental organisation in pursuit of creating an Asia that is rich in entrepreneurship as an engine towards sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs and other organisations to promote competitiveness and entrepreneurial development, in uplifting the economic status of people across Asia and in ensuring a legacy of hope, innovation and courage for the future generation. For further information, visit

About Asia Pacific Enterprise Awards

Launched in 2007, the Asia Pacific Enterprise Awards is the region's most prestigious awards for outstanding entrepreneurship, continuous innovation and sustainable leadership. The Award provides a platform for companies and governments to recognise entrepreneurial excellence, hence spurring greater innovation, fair business practices and growth in entrepreneurship. As a regional award, it groups together leading entrepreneurs as a powerful voice for entrepreneurship and serves as a by-invitation only networking powerhouse. The program has grown to encompass 14 countries and markets all over Asia. For more information, visit:

Updated : 2022-05-25 15:33 GMT+08:00