Nufarm Ltd's Share Price Skyrockets Post FY 2023 Results Release Amidst ASX 200's Rally - Kalkine Media

November 15, 2023 09:12 PM AEDT | By Team Kalkine Media
Follow us on Google News:

Amidst a robust rally in the S&P/ASX 200 Index today, investors are fervently pushing up Nufarm Ltd (ASX: NUF) stock following the release of its FY 2023 results. While the broader market enjoys a notable surge of 1.42% after subdued US inflation readings, Nufarm stands out with a remarkable leap.

Nufarm's stock, a player in agricultural chemical and seed technology, ended yesterday's trading session at AU$4.45. Today, the shares closed at AU$4.81, witnessing a significant surge of 8.09%.

The spike comes in the wake of Nufarm's disclosure of its FY 2023 results covering the 12 months ending on September 30. Here are the key takeaways from the announcement:

Performance Overview:

Nufarm's statutory net profit after tax (NPAT) exhibited a noteworthy 3% year-on-year increase, reaching AU$111 million.

However, the underlying NPAT faced an 8% decline from FY 2022, standing at AU$122 million. Additionally, the company reported a 3% revenue dip for the fiscal year, totaling AU$3.5 billion.

On a positive note, the underlying earnings before interest and taxes (EBIT) showcased a 6% upsurge from the previous year, amounting to AU$250 million. Nufarm's net leverage stood at 1.9 times as of September 30, aligning within the company's targeted range of 1.5 to 2 times.

Moreover, the management declared a final unfranked dividend of 5 cents per share, contributing to a total full-year payout of 10 cents per share, equating to a yield of 2% based on the current Nufarm share price.

CEO's Perspective:

Nufarm's CEO Greg Hunt acknowledged the robust performance, particularly highlighting the company's transformation and its increasing focus on innovative solutions. He emphasized the record year in comparison to FY 2022.

Hunt attributed the positive results to Nufarm's transformed structure and the emphasis on innovative solutions, particularly noting the double-digit growth in the Seed Technologies segment.

Future Outlook:

While Hunt acknowledged the anticipated challenges in the industry's initial half of FY 2024, he expressed confidence in Nufarm's return to growth in the latter half. He emphasized the industry's adaptation to lower input costs and prices.

Looking ahead, Hunt indicated a positive trajectory, expecting growth in the second half and reaffirming the company's commitment to meeting its revenue aspirations for FY 2026.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK