SYDNEY—GrainCorp held its dividend and launched a share buyback despite annual profit falling 34% as grain markets stabilized after the shock Russia’s invasion of Ukraine early in 2022.

The ASX-listed firm on Thursday reported a net profit for the 12 months through September of 249.7 million Australian dollars (US$162.5 million), compared with A$380.4 million a year earlier. Revenue rose 4.6% to A$8.23 billion.