Incitec Pivot Limited (ASX: IPL) has released its 1H23 financial results reporting a Net Profit After Tax (NPAT) of AU$362.00 million, down 6% from the previous year, but still delivering resilient results through a commodity downturn. The Earnings Before Interest and Tax (EBIT) ex-Individually Material Items (IMIs) was AU$552.00 million, a 3% decrease from the previous year's record earnings.
The result highlights for the period include maintaining the Interim dividend at 10 cents per share, a total recordable injury frequency rate improvement to 0.67 from 0.89 in the prior corresponding period, and a Return on Invested Capital (ROIC) incl. goodwill of 12.8%, up from 10.1% in the prior year.
The balance sheet also showed net debt of AU$1.42 billion and a Net Debt/EBITDA ratio ex-IMIs of 0.8x, an improvement from 1.0x in the previous year. IPL continues to make significant progress on its strategic agenda, including the development of its Ammonia plant in Louisiana, USA, and investments in the fertiliser business in Australia.
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