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By Stuart Condie
SYDNEY–Incitec Pivot reported a 45% fall in annual profit on lower commodity prices and said it will return 1 billion Australian dollars (US$636.0 million) to shareholders following the sale of its Louisiana ammonia facility.
The Australia-listed company on Monday reported a net profit for the 12 months through September of A$560.0 million, down from a record A$1.01 billion a year earlier. Revenue dipped 4.9% to A$6.01 billion.
It cut its final dividend to A$0.05 a share from A$0.17 a share, for a full-year payout of A$0.15 a share. It paid out A$0.27 a share in dividends in fiscal 2022.
Yet Incitec said that it would launch a A$500 million capital return and a A$500 million share buyback on completion of the sale of its Waggaman ammonia plant. It added that it remained committed to a previously announced A$400 million share buyback, which is on hold pending a potential sale of its fertilizers business.
Write to Stuart Condie at [email protected]
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