Incitec Pivot is the world’s second-largest explosives maker and a key supplier to many of Australia’s largest mining companies.
Incitec Pivot reported that its revenue increased by 1.6% to $3.92 billion, its EBITDA (click here to learn what EBITDA and EBIT means) fell 1.6% to $605.3 million, EBIT dropped 5.3% to $303.7 million and net profit declined 26.7% to $152.4 million.
The company said that there was a $197 million negative impact of non-recurring items including a $115 million hit from the Queensland rail outage.
Due to the fall in the profit, the Board of Incitec Pivot decided to cut the dividend by 56% to 4.7 cents per share with a final dividend of 3.4 cents per share.
The Incitec share price rose slightly in early trading in response to this report.
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OFX (ASX: OFX) reported its half year result to 30 September 2019 this morning.
OFX is a global provider of online international payment services for consumers and businesses. It has been operating since 1998 when it was launched in a garage in Sydney as an information-only website.
The international payment business reported that its turnover of $11.5 billion was down 5%. However, transactions were up 5.2% to $47,900 and transactions per active client were up 9.3% to 7.0 with 154,000 active clients.
Fee and trading income was up 0.5% to $65.3 million with ‘Corporate’ growing 9.7% and North America growing 19.3%.
‘Underlying’ EBITDA excluding corporate action costs rose 2.3% to $16.5 million, however statutory net profit decreased 7.7% to $8.3 million.
The OFX Board decided to declare an interim dividend of 2.35 cents per share, franked to 70%.
OFX CEO and Managing Director Skander Malcolm said: “This was a solid result in what has been a difficult global economic environment.
“We won our first major new Enterprise partner during the half with an exclusive agreement with Link Market Services Ltd (ASX: LNK). OFX will become Link’s preferred partner in Australia for international payments such as dividends for its substantial base of offshore investors.”
The OFX share price is up around 3% in early reaction.
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At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.