By By Stuart Condie
Sydney, Australia — Incitec Pivot, an Australia-listed company, has announced a significant decline in annual profit due to lower commodity prices. As a result of the sale of its Louisiana ammonia facility, the company plans to return $1 billion Australian dollars to its shareholders.
Financial Results For the 12 months ending September, Incitec Pivot recorded a net profit of A$560.0 million, representing a 45% decrease compared to the previous year’s record profit of A$1.01 billion. Additionally, revenue experienced a 4.9% decline, amounting to A$6.01 billion.
Dividend Adjustments To adapt to the current circumstances, the company has adjusted its final dividend from A$0.17 per share to A$0.05 per share. Consequently, the total dividend payout for the year stands at A$0.15 per share, compared to A$0.27 per share in fiscal 2022.
Capital Return and Share Buyback Despite the challenging conditions, Incitec Pivot remains dedicated to its shareholders. Upon finalizing the sale of its Waggaman ammonia plant, the company will launch a A$500 million capital return and a A$500 million share buyback. Furthermore, it intends to pursue a previously announced A$400 million share buyback, which is currently on hold pending the potential sale of its fertilizers business.
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