A “ONE-in-a-hundred year flood” in North Queensland dented the profits of international fertiliser exporter and commodity trader Incitec Pivot, the company’s annual meeting heard.
Incitec Pivot reported net profit after tax of $152m for the year ended 30 September 2019 mainly due to the impact of the flood that hit Townsville and surrounds.
This compared with NPAT of $208m in FY18
Managing director and chief executive Jeanne Johns said while the 2019 financial year had been challenging, the fundamentals underpinning key businesses in the Americas and Asia Pacific remained strong.
“The accelerating adoption of technology by the mining industry is driving significant demand for electronic detonation and our unique delivery systems,” Ms Johns said.
“We are pleased with the progress we have made on our strategic agenda, including the roll-out of our manufacturing excellence strategy to deliver top quartile reliability across our four major plants by 2022.
“We have a clear focus on our underlying performance and driving improvements in what we can control in our fertilisers business moving into FY20, ensuring we are well-placed to benefit when weather conditions and global commodity prices improve.”