Geo Energy's FY23 net profit drops 62% YoY

The company attributed the decline to its lower gross profit.

Geo Energy ended FY23 with a 62% YoY lower net profit of US$62.7m.

In a bourse filing, the company attributed the decline to its lower gross profit of US$79.2m.

Compared to the FY22 record of US$272.1m, the company's gross profit declined 71% YoY.

Despite lower net profit, the company proposed a final dividend of $0.006 per share, bringing the total dividend for 2023 to $0.02, translating to a total dividend pay-out ratio of 33.7%.

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