Orica recovers from Covid lows

Fertilizer, chemicals and explosives business Orica has largely recovered from the disruptions of recent years posting an improved first half result driven by better market conditions and a refreshed strategy.

The Melbourne company reported a net loss after tax of $85 million for the first half held back by significant items, and an underlying EBIT operating profit of $245 million, up 58 per cent on the previous corresponding period.

Ammonium nitrate volumes were up five percent to two million tonnes.

Managing director Sanjeev Gandhi said the results reflected the work of employees in improving performance, guided by a refreshed strategy adopted at the height of the pandemic.

Gandhi said: “The strength of our global manufacturing and supply network has enabled us to meet our customers’ needs as we continue to navigate through difficult operating conditions.”

Gandhi said the company expected continuing steady commodity growth, particularly in the sectors it served of gold, copper and quarry construction.

Picture: Orica

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