Incitec Pivot posts $582m annual profit, board reshuffles

The news: Industrial chemicals producer Incited Pivot's shares have jumped in early trading after the multinational posted its second-highest net profit since 2008 and promised to hand $1.4 billion back to shareholders.

The numbers: IPL recorded a $560 million net profit after tax, down 45% on the previous year's $1.03 billion, which was facilitated by exceptionally strong commodity prices in FY22. This year's profit was the group's second highest result in the past 15 years. The fertiliser and explosives manufacturer said it would return $1 billion to shareholders following the successful sale of it's Waggaman ammonia facility and had plans for a further $400 million on-market buyback. IPL shares were up 2.4% to $2.97 in early trading.

The context: The company also announced a board shakeup, with chair Brian Kruger stepping down for personal reasons and non-executive director Greg Robinson taking his place. The change took effect over the weekend. Non-executive director George Biltz will also depart the board.