Explosives and fertiliser manufacturer Incitec Pivot has lifted profit significantly, despite cyclical downturns in its two main areas of businesses.
The company’s net profit for the year ended 30 September 2015 was $398.6 million, an increase of $42.3 million or 12 per cent against the 2014 NPAT (excluding individually material items).
In addition, revenue increased 8.7 per cent to $3.643 billion.
Incitec Pivot Managing Director & CEO, James Fazzino said in a statement this was a “good result at a time when our customers in the resources and agricultural industries have been severely challenged by cyclical downturns and external influences”.
Fertilisers EBIT was up 22 per cent. This was helped by the welcome drop in the Australian dollar as well as strong results at the company’s Phosphate Hill ammonium phosphate plant in North West Queensland.
Meanwhile, explosives EBIT grew by 1 per cent.
“To have produced double-digit profit growth1 in this environment is a result of our successful strategy and our commitment to risk management, and is a tribute to our people having delivered on the strategy through our Business Excellence (BEx) program,” Fazzino said.