Incitec Pivot reports mixed results for FY24
Incitec Pivot has reported a net loss of $311m for the financial year ending 30 September 2024, a sharp reversal from its $560m profit the prior year.
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An ASX 100 Company, Incitec Pivot Limited is a global leader in the resources and agriculture sectors with an unrelenting focus on Zero Harm. Incitec Pivot Limited contributes to the production of the infrastructure, food, clothing, shelter and energy people need every day through it’s product and service delivery to the mining and agriculture industries.
Incitec Pivot has reported a net loss of $311m for the financial year ending 30 September 2024, a sharp reversal from its $560m profit the prior year.
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Explosives and fertilizer group, Incitec Pivot Limited's (ASX:IPL) apparently weak financial performance in the March half-year reflected the sale of its US explosives plant in Louisiana in late 2023, as well as the impact of one-off items, including a significant write-down in the value of its soon-to-be-sold fertilizer business.
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Shareholders in the fertilisers and explosives group Incitec Pivot (ASX:IPL) will receive a capital return of approximately $1 billion, in addition to the paused $400 million buyback, once the sale of the company's vast US ammonia production plant is finalised shortly.
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Incitec Pivot (ASX:IPL), the explosives and fertiliser manufacturer, is poised for a tumultuous trading session today (Tuesday) following the release of a mixed trading update well after Monday's trading hours had concluded.
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Incitec Pivot (ASX:IPL) is reported to have chosen the Indonesian state-owned company Pupuk Kaltim as the preferred buyer of its significant Australian fertilisers business.
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Tuesday saw Incitec Pivot's Jeanne Johns name added to the list of CEOs in the news, stepping down from the role at the end of June.
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Incitec Pivot shares fell 10% at one stage yesterday after revealing a weak performance in its fertilisers business for the six months to March 21.
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Opposition from shareholders to a de-merger has forced Incitec Pivot to delay the idea and look to asset sales as it reported a surge in earnings and a higher dividend.
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The Add rating is retained, while the target falls to $4.45 from $4.56.
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Incitec Pivot is joining the now fashionable corporate ‘divorce’ trend, yesterday revealing a plan to spin off its mining explosives division from its fertiliser business by mid-2023.
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