
Elridge Energy starts FY25 with healthy earnings growth in first quarter
PETALING JAYA: Elridge Energy Holdings Bhd recorded revenue of RM109.67 million and profit before tax of RM18.03 million for the first quarter ended March 31, 2025 (Q1'25).
After taxation of RM4.45 million, the group posted a net profit of RM13.58 million. The revenue and the profit were mainly contributed by customers based in Japan, Indonesia and Malaysia. As the group was only listed on the ACE Market of Bursa Malaysia in August 2024, no interim financial reports were prepared for the corresponding quarter in the previous year, and as such, no comparative figures are available.
Palm kernel shells (PKS) remain the cornerstone of the group's operations, contributing RM95.81 million or 87.36% of total revenue. The remaining RM13.87 million or 12.64% was derived from the trading and manufacturing of wood pellets.
Executive director and CEO Oliver Yeo said, 'Our first-quarter performance reflects the strong and growing demand for sustainable biomass fuel products in international markets. We are pleased to maintain our momentum post-listing and deliver healthy earnings growth in line with our strategic direction.'
According to Coherent Market Insights, the PKS industry in the Asia-Pacific is expected to grow at a compound annual growth rate (CAGR) of 8.9% from US$308.6 million in 2024 to US$366.1 million by 2026 (RM1.4 billion to RM1.7 billion). The wood pellet market in the region is forecast to expand at a CAGR of 8.6%, reaching US$12.5 billion in 2026 from US$10.6 billion in 2024.
Yeo said, 'To support this growing market, we are executing our expansion plan with the development of new manufacturing sites in Pasir Gudang, Johor; Kuantan, Pahang; and Lahad Datu, Sabah. These facilities will each house two PKS production lines with a combined annual output of 240,000 metric tons per site. The capacity expansion will enhance our ability to secure long-term export contracts and reinforce our position in the regional biomass supply chain.'
A total of RM68.14 million from the group's initial public offering proceeds has been allocated to these projects. The investments form part of Elridge Energy's long-term strategy to capitalise on rising global demand for biomass fuels and to contribute to decarbonisation efforts in energy and industrial sectors.
'With a focused expansion strategy, a solid financial footing, and rising demand from international markets, Elridge Energy remains well positioned to deliver sustained value to our shareholders and support the global shift towards renewable energy,' Yeo concluded.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Star
5 hours ago
- The Star
Japan party leaders face off over no-confidence motion; Opposition hesitant amid tariff negotiations with United States
Prime Minister Shigeru Ishiba, (right), and Constitutional Democratic Party leader Yoshihiko Noda participate in the party leader debate at the Diet in Tokyo on Wednesday (June 11, 2025). - Photo: The Yomiuri Shimbun TOKYO: A tense standoff took place during a debate between party leaders in the Diet on Wednesday (June 11) as the ruling Liberal Democratic Party and the main opposition party grappled with a potential no-confidence motion against the Cabinet of Prime Minister Shigeru Ishiba. Ishiba, who also serves as LDP president, and Yoshihiko Noda, president of the Constitutional Democratic Party of Japan, waged a war of nerves at the final party leader debate of the current Diet session. Noda took a confrontational stance, despite appearing inclined to forgo the no-confidence motion, but he lacked vigor. This highlighted his struggle to keep the CDPJ at an appropriate distance from the government and the ruling bloc. Arguments lacked depth During the debate, Noda emphasised measures to combat rising prices. He asserted that the approach taken by Ishiba Cabinet's tended to 'understand the issues but either postpones [taking steps] or does nothing.' However, Noda noticeably lacked depth in the pursuit of individual issues. He pressed for the consumption tax rate on food to be reduced to 0%, which is one of the CDPJ's campaign pledges for the House of Councillors election. However, Ishiba rejected a possible tax cut, saying: 'Mr. Noda understands the significance of the consumption tax better than anyone. I respect him as a politician.' Noda questioned Ishiba about the Japan-US tariff negotiations, asking, 'Is there a prospect of reaching an agreement on main points?' Ishiba remained unruffled and responded: 'We are making progress one step at a time. Ultimately, [US] President [Donald Trump] will make the decision.' Noda wavering Noda failed to fully commit to a confrontational stance, as he hesitated about submitting a no-confidence motion. The CDPJ has submitted no-confidence motions in ordinary Diet sessions every year since 2018, except in 2020, when priority was given to Covid-19 countermeasures. Under a minority government, the opposition can pass such a motion if it is united. Normally, this would be a once-in-a-lifetime opportunity for the opposition to bring about a change of government. Noda had hinted at submitting a motion but began to waver, questioning whether such a political decision was appropriate amid ongoing tariff negotiations with the United States, which is considered a national crisis. If Japan-US tariff negotiations continue even after their bilateral summit meeting — scheduled on the sideline of the Group of Seven summit from Sunday to Tuesday — the CDPJ could face public criticism if a political vacuum emerges from the passage of a no-confidence motion. Furthermore, if the tariff negotiations are successful, that would also make it difficult for the party to submit such a motion. On the other hand, there are simmering voices within the CDPJ to demonstrate a more aggressive and confrontational stance by submitting the motion. Noda had even told aides before the party leader debate that he was genuinely struggling with the decision of whether to submit the motion. Avoiding dissolution If a no-confidence motion is submitted, some within the government and the LDP believe the House of Representatives should be dissolved without a vote on the motion. But junior coalition partner Komeito opposes holding simultaneous elections for both houses. Nevertheless, if a no-confidence motion passes, Ishiba would have no choice but to either dissolve the lower house or see his Cabinet resign en masse. Many within the ruling party believe there would be no option but dissolution if it passed. The prime minister wants to avoid the political vacuum caused by dissolution, and intends to courteously respond to talks between the ruling and opposition party leaders on tariff negotiations around the time of the G7 Summit. Ishiba is trying to save face for Noda while hoping the CDPJ will not submit the motion. - The Yomiuri Shimbun


The Sun
8 hours ago
- The Sun
Asean's ambition of being world's fourth biggest economy by 2030 well within reach: Tengku Zafrul
KUALA LUMPUR: Asean's ambition to become the world's fourth-largest economy by 2030 is well within reach, provided the region sustains an annual gross domestic product (GDP) growth rate between 4% and 5%. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz highlighted the region's robust growth prospects at the official launch of the Asean Economic Community (AEC) Strategic Plan today. 'Our economists have thoroughly analysed the growth projections for all Asean economies under current conditions, and we are confident that the targets are indeed achievable,' he said. Tengku Zafrul noted that the Asean Secretariat projects regional GDP growth at 4.7% for 2025, as presented at the latest Asean Economic Ministers' Meeting. 'But things are very dynamic. It depends on the global economic situation. The IMF (International Monetary Fund) will also produce their forecast of global growth,' he said, stressing the need for vigilance amid shifting external factors. Tengku Zafrul emphasised the AEC Strategic Plan's role in keeping Asean's policies current and responsive to evolving business needs and emerging challenges. 'As the first instalment of this long-term vision, the plan serves as a comprehensive roadmap that outlines a clear and actionable path forward,' he said. The plan has been carefully crafted to implement the economic aspects of the Asean Community Vision 2045, leveraging the region's vast opportunities and potential. A key pillar of the plan is the establishment of a forward-looking digital economic framework, which is expected to double Asean's digital economy to US$2 trillion (RM4.5 trillion) by 2030. The focus on digital transformation, alongside sustained economic integration and resilience, positions Asean to not only achieve its growth targets but also to strengthen its global influence. On the domestic front, Tengku Zafrul sees positive signals from foreign investors in Malaysia, with no indication of existing investors withdrawing their commitments despite ongoing global uncertainties. 'So far, no existing investors have expressed any intention to exit Malaysia. They remain committed to their investments, and no cancellations have been announced.' However, he observed that new investors are adopting a more cautious, 'wait and see' approach, influenced by heightened geopolitical tensions – particularly between the United States and China – and broader global volatility. Looking ahead, Tengku Zafrul said his trade negotiations in Washington on June 18 will focus on reducing tariffs on Malaysian exports. 'The negotiations are essentially to address the current tariff structure, where the US has imposed a 24% tariff on Malaysia. Our first goal is to bring that down.' The second objective is to identify key sectors where Malaysia believes tariffs should be reduced even below the 10% floor, targeting industries important to both Malaysian exporters and the US economy. In April, the US government announced new tariff measures affecting more than 60 countries, including Malaysia. The implementation of these tariffs has been paused for 90 days to allow room for negotiations.


New Straits Times
8 hours ago
- New Straits Times
BlackRock aims to grow revenue to US$35bil and more by 2030
NEW YORK: BlackRock said on Thursday it was aiming to grow its revenue to US$35 billion and more by 2030, as the asset management giant expands its foothold in private markets. The New York-based firm, which reported revenue of US$20 billion for 2024, will hold an investor day on Thursday that is expected to provide insight into the firm's strategic priorities and its growing focus on private markets. The world's largest asset manager, overseeing US$11.58 trillion as of the end of the first quarter, last year expanded its presence in private markets through a series of acquisitions that BlackRock's boss Larry Fink said were transformational for the New York-based firm. BlackRock spent about US$25 billion in 2024 on infrastructure investment fund Global Infrastructure Partners and private credit business HPS Investment Partners. It also struck a US$3.2 billion deal to acquire UK data provider Preqin. That acquisition officially closed in March this year. BlackRock is also aiming to double its market cap to US$280 billion and targeting US$400 billion of cumulative fundraising in private markets by 2030, it said in an investor presentation on Thursday. "I think investors are going to want more granular details and more colour on BlackRock's strategy to increase exposure to alternative assets," said Cathy Seifert, an analyst at CFRA Research who covers BlackRock. Private assets generate significantly higher fees than exchange-traded funds (ETFs), a core part of BlackRock's business through its iShares franchise. BlackRock is aiming for its private markets and technology businesses to make up 30 per cent or more of the firm's total revenue by 2030, up from 15 per cent in 2024. In his 2025 annual chairman's letter to shareholders, BlackRock's chairman and CEO Fink said protectionism had returned with force as a result of a wealth divide that could be countered by offering more investors access to high-return private markets such as infrastructure and private credit. Ben Budish, an analyst at Barclays, said he expected updates from the company on potentially creating indexes based on private markets after the acquisition of private markets data provider Preqin. "Looking at what BlackRock did with iShares and ETFs, is there a way to do that with private markets? … I'm sure there's more details to come on that," he said. Private credit, where non-bank institutions lend to companies, has experienced significant growth in recent years due to stricter regulations that have increased the cost for traditional banks to fund higher-risk loans. But broader market volatility caused by US President Donald Trump's aggressive stance on tariffs has led to slower dealmaking in private markets in general, raising some concerns there may be a mismatch between money available for private lending and not enough places to invest it. Investors may also look for any signs regarding succession at the firm. Fink, 72, has led BlackRock since co-founding it in 1988. A recent wave of senior executive departures has reignited speculation about his eventual successor, even as Fink has signalled no immediate plan to step down. "The firm would do itself a favour by highlighting the depth and breadth of their management bench, particularly since the company's business model is expanding and potentially becoming more complex," said Seifert.