SELANGOR, 23 June 2025 – Elridge Energy Holdings Berhad (Elridge Energy) held its inaugural Annual General Meeting (“AGM”) today at Menara AFA, Batu Caves, marking a key milestone following its listing on the ACE Market of Bursa Malaysia Securities Berhad on 22 August 2024.
All 13 resolutions tabled at the AGM were duly approved by shareholders. These included the re-election of all seven Directors who retired under the Company’s Constitution, the approval of Directors’ fees and benefits for the current and upcoming financial periods, the reappointment of HLB Ler Lum Chew as External Auditors, and the general mandate for authority to issue shares according to the Companies Act 2016.
Elridge Energy’s Financial Year End
Commenting on the Group’s performance, Oliver Yeo, Executive Director and Chief Executive Officer, said, “Elridge Energy is pleased to have started the Financial Year End (“FYE”) 2025 on a strong footing, building on the momentum from our successful listing last year.”
For the first quarter ended 31 March 2025 (“Q1 FY2025”), the Group recorded revenue of RM109.67 million and a net profit of RM13.58 million. The results were primarily driven by demand from Japan, Indonesia, and Malaysia.
Palm Kernel Shells (PKS) remained the cornerstone of the Group’s operations, contributing RM95.81 million or 87.36% of Q1 FY2025 revenue, while RM13.87 million or 12.64% was generated from wood pellets.
Rising demand for Biomass
“With rising global demand for sustainable fuel solutions, we remain committed to scaling our manufacturing footprint, expanding capacity and strengthening our presence across the regional biomass supply chain,” added Yeo.
Speaking with Business News, Yeo said he expects biomass demand from Japan to see constant increase in the next few years.
Elridge Energy manufactures and trades biomass fuel products. They are focused on capitalizing on the growing global demand for biomass energy, which is derived from forestry and agricultural waste.
Eldrige Energy is expanding its production capacity and secured a long-term supply MOU, including a 15-year deal to supply PKS to a Japanese trading firm.
The end products, Yeo said, are used to generate heat and electricity in power plants and industrial boilers. These biomass products are derived from renewable sources, such as plant waste and organic matter, and can be used as a sustainable energy source.
To support this growth strategy, Elridge Energy is investing RM68.14 million from its IPO proceeds to install new PKS production facilities in Kuantan, Pasir Gudang, and Lahad Datu.
Each facility is designed to house two PKS production lines with a combined annual capacity of 240,000 metric tonnes respectively, resulting in a total additional capacity of 720,000 metric tonnes annually. All sites are on track for completion by FYE 2026.
“Moving forward, Elridge Energy remains focused on disciplined growth, operational scalability, and ESG integration. With strong industry fundamentals and a clear roadmap, the Group is confident of sustaining its upward trajectory in the biomass and renewable energy space,” said Yeo.
The Group delivered a commendable performance in FYE 2024, achieving revenue of RM389.05 million, compared to RM335.25 million in the preceding year. Gross profit improved to RM81.66 million from RM45.97 million, while net profit surged to RM41.17 million, up from RM23.56 million. The improved results reflect robust demand for biomass fuel products and continued operational efficiency gains.
PKS contributed 85.16% of total revenue for FYE 2024, while the trading and manufacturing of wood pellets accounted for the remaining 14.84%.
While no dividends were declared for FYE 2024, the Board has expressed its intention to reward shareholders in the future, subject to the Group’s financial performance, capital requirements, and prevailing market conditions.
Follow us on:
Read More News at #latestmalaysia #BusinessNews and #WorldFuture
