Incitec Pivot Swings to Loss in Fiscal 2024 as Revenue Falls; Lifts Dividend

MT Newswires Live

Nov 11, 2024

Incitec Pivot (ASX:IPL) reported a loss of AU$0.161 per share for the year ended Sept. 30, compared with earnings of AU$0.288 in the same period last year, according to a Monday filing with the Australian bourse.

The industrial manufacturer's loss for the year was AU$311.8 million, compared with a profit of AU$559.8 million for the fiscal year 2023. This included individually material items totalling AU$712 million relating to a non-cash impairment of the Australian fertilizers business, the filing said.

Revenue from ordinary activities fell almost 11% to AU$5.36 billion from AU$6.01 billion a year earlier. Analysts polled by Visible Alpha expected AU$5.34 billion.

Looking ahead, Incitec Pivot said turnarounds in fiscal 2025 are expected to have an earnings impact of AU$45 million to AU$55 million for the year.

It declared a dividend of AU$0.063 per share, up from AU$0.043 in the preceding six-month period. The dividend is payable on Dec. 18. to shareholders of record as of Dec. 4.

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This included individually material items totalling AU$712 million relating to a non-cash impairment of the Australian fertilizers business, the filing said.</p><p>Revenue from ordinary activities fell almost 11% to AU$5.36 billion from AU$6.01 billion a year earlier. Analysts polled by Visible Alpha expected AU$5.34 billion.</p><p>Looking ahead, Incitec Pivot said turnarounds in fiscal 2025 are expected to have an earnings impact of AU$45 million to AU$55 million for the year.</p><p>It declared a dividend of AU$0.063 per share, up from AU$0.043 in the preceding six-month period. 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