SELANGOR, 23 June 2025 – Elridge Energy Holdings Berhad (“Elridge Energy” or “the Group”) 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 re-appointment of HLB Ler Lum Chew as External Auditors, and the general mandate for authority to issue shares according to the Companies Act 2016.
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.
“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.
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.
ABOUT ELRIDGE ENERGY HOLDINGS BERHAD
Elridge Energy Holdings Berhad is a Malaysian investment holding company established in 2024. Through its wholly-owned subsidiary company, Bio Eneco Sdn Bhd, the Group has grown its operations to become a key player specialising in the manufacturing and trading of biomass fuel products, with a focus on PKS and wood pellets. Biomass fuel products, namely PKS and wood pellets, can be used for electricity generation in power plants and as fuel in industries boilers in various types of manufacturing related industries.