Orica Ltd. reported that EBIT and underlying net profit after tax (NPAT) were both up 10% for the first-half ending March 31, 2024. NPAT was A$179 million versus A$164 million, while EBIT was A$354 million, up from A$323 million. Sales revenue was off 9%, to A$3.66 billion from A$4 billion.
“We have delivered another strong performance for the first half of 2024 with a 10% growth in underlying earnings from previous corresponding period,” said Managing Director and CEO Sanjeev Gandhi. “Our team remains committed to executing our strategy and has delivered improved performance and growth across all segments with an ongoing focus on quality of earnings.”
Gandhi added that the core blasting business continued to strengthen during the first half, supported by strong customer demand as well as increased earnings from high margin premium products and technology.
He said Digital Solutions also delivered solid growth, with strong demand across products and services. He also noted that the Kooragang Island ammonia plant turnaround was completed safely and on budget.
Statutory NPAT was up 175%, to A$338 million from the year-ago A$123 million, reflecting significant items after tax valued at A$158 million versus the year-ago negative A$41 million. The items were attributable to Orica shareholders and mainly reflected profits on the Deer Park land sale and an Axis Group acquisition earnout, offset by recent business acquisition costs.