Incitec Pivot records 8% profit increase

Company News

by Kathy Skantzos

Industrial chemical company Incitec Pivot (ASX:IPL) has recorded net profit after tax of $319 million, an increase of $191 million, or 8 per cent, from FY2016.

Earnings per share is up 8 per cent to 18.9 cents compared to 17.5 cents in FY2016.

Earnings in explosives, industrial chemicals and fertilisers all tracked higher.

The final unfranked dividend was 4.9 cents per share, maintaining 50 per cent payout for the financial year.

Chief Financial Officer Frank Micallef said the company’s Waggaman project was a highlight for the year, which was delivered on time, under budget and safely, with plant volumes exceeding in recent months.

Shares in Incitec Pivot (ASX:IPL) are trading just over 4 per cent higher to $3.89.
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.