The Nufarm Limited (ASX: NUF) share price is down 1.7% today after the agricultural company reported its financial results for the year ending 31 July 2017.
Below is a summary of the results, with comparisons to the prior corresponding financial year.
- Revenue of $3.1 billion, up 12%
- Net profit of $114 million, up 316%
- Underlying net profit of $136 million, up 25%
- Net debt of $680 million as at July 31 2017, up 9% from $625 million
- Final dividend of 8 cents per share, total annual dividends of 13 cps, up 18%
Nufarm sells crop protection products across ANZ, North America, Europe and Asia, although despite today's strong profit report the share price is only up 4 per cent over the past year.
Its chief executive, Greg Hunt, said of the result: "We secured market share gains in most of our major markets, supported by new product introductions, and a much closer focus on our customers".
The CEO also boasted how recent cost-saving initiatives mean the group should deliver $116 million in "net benefits" in 2018 versus recent years.
The stock changes hands for $8.77 on around 19x trailing underlying earnings per share of 46.7 cents, with a trailing yield of 1.48%. The group expects to see continued growth over FY 2018.
