Incitec Pivot Ltd (ASX:IPL)
, an Australian multinational company which manufactures fertiliser, explosives and chemicals, has posted its half year results.
The company reported its NPAT rose 11% to $152.1 million for the half year ended 31 March 2017.
Incitec’s earnings before interest and tax (EBIT) rose 23% to $242.8 million. This was driven by higher earnings from its explosives and industrial chemicals – particularly from its Waggaman Louisiana facility which produces ammonia. However, the company says its fertiliser earnings fell 67%, along with global fertiliser prices.
The company also declared an interim unfranked dividend of 4.5 cents per share, in line with its 50% NPAT payout ratio.
Incitec says its outlook is positive, and expects to recruit a new CEO by the end of the year – to replace James Fazzino, who announced his decision to step down in February.
Yesterday, shares in Incitec Pivot rose 1.37% to $3.69.