The delay was due to “longer than expected processing time taken by the bank in remitting the funds”.

Geo Energy Resources will pay its interim dividend of 0.2 cents per share for the financial year ending Dec 31, 2024, on Jan 9 instead of Jan 8 as originally planned.

The dividend was declared during Geo Energy’s 1HFY2024 results announced on Aug 8, 2024.

The delay was due to “longer than expected processing time taken by the bank in remitting the funds”, which led to the delay in the remittance of funds to The Central Depository (Pte) Limited (CDP).

The funds have since been credited to their designated account, for the dividend payment on Jan 9, says Geo Energy in its Jan 8 statement.

Geo Energy reported earnings of US$26.7 million ($36.6 million) for the 1HFY2024, 2% lower y-o-y.

In its 3QFY2024 update released on Nov 12, 2024, the company announced 3QFY2024 profit of US$7 million, 39% lower y-o-y. Profit for the period for the 9MFY2024 fell by 14% y-o-y to US$33.8 million.

Shares in Geo Energy closed 0.5 cents lower or 1.7% down at 29 cents on Jan 8.