Incitec Pivot (ASX:IPL) has posted a strong increase in net profit after tax (NPAT) in the 2021 financial year as its fertilisers business were the beneficiary of the upswing in commodity prices.
The chemical manufacturer’s NPAT jumped 91 per cent from the prior year to $359 million. Revenue came in 10 per cent higher to $4.34 billion.
“The strong full year result reflects the strength of the second half, with strong pull through from technology in explosives and a recovery in our end markets as well as our Fertilisers business capturing the upswing in commodities prices,” said CEO Jeanne Johns.
“Throughout the last 12 months our number one priority has been the safety of our people as we continued to face the challenges of COVID-19. Our strict protocols and resilient supply chains have enabled us to continue to safely operate and provide our resources and agricultural customers with the high-quality products, solutions and support they need for their businesses.”
The company declared a final dividend of $8.3 cents per share.
Shares in Incitec Pivot (ASX:IPL) are trading 5.5 per cent higher at $3.29.