GEO's CEO is optimistic about 2024 and stated in the annual report of 2023:
"The decision to exit Burkina Faso and scale down operations in Mali, that posed security risks, had a significant impact on our revenue and earnings. However, we countered this by achieving revenue growth in our core markets: Ghana, Cote d’Ivoire, and Egypt. Building on this momentum, we anticipate further expansion in 2024 and beyond.
Our foray into Senegal allowed us to establish a foothold without compromising our people’s security.
Geodrill’s strategic expansion into Peru and Chile continues to provide exciting opportunities for growth, tapping into new markets and diversifying our portfolio while pursuing business excellence.
Additionally, we strategically shifted toward stronger tier-1 clients; companies less reliant on capital markets and committed to sustained drilling activity. These clients possess the means to meet their obligations promptly.
Our journey through 2023 led us to more stable countries and financially secure clientele. We firmly believe that these strategic moves will drive substantial operational growth in the years ahead."