Incitec Pivot FY Net Profit A$1.01 Billion, Up From A$149.1 Million Year Earlier

By Rhiannon Hoyle

Incitec Pivot Ltd. reported a record full-year profit, benefiting from a steep rise in fertilizer prices, and said it would buy back up to 400 million Australian dollars (US$268 million) in stock. The Australia-listed chemicals and fertilizers company also said it would conduct a strategic review of its ammonia manufacturing facility in Waggaman, Louisiana, after receiving a number of unsolicited approaches to buy the plant.

Incitec said its net profit totaled A$1.01 billion, up from A$149.1 million in the year-earlier period. Directors declared a final dividend of 17 Australian cents a share, up from 8.3 cents a year ago.