Incitec Pivot Limited has reported a net loss after tax including individually material items (IMIs) of US$148 million (prior corresponding period (pcp): US$354 million profit). This result included IMIs totalling US$312 million (after tax) relating primarily to a non-cash impairment of the fertilizers business which was partially offset by a gain on the sale of IPL’s ammonia manufacturing facility in Waggaman, Louisiana. IPL also reported earnings before interest and tax (EBIT) excluding IMIs of US$249 million down from US$552 million in the pcp. The principal driver of the reduced earnings relates to the discontinuation of Waggaman (sold on 01 December 2023) and the closure of fertilizer manufacturing at Gibson Island, Queensland.
IPL delivered underlying EBIT growth of 18% compared to the pcp after adjusting for re-basing items which relate primarily to the closure of manufacturing at Gibson Island and the sale of Waggaman. Key drivers of the improved performance include growth in all customer-facing businesses, including record first half EBIT for the Dyno Nobel Asia Pacific business and the Fertilizers Distribution Business.
