IGO has released its 2023 financial year (FY23) report, where it achieved “a year of record financial performance”.
IGO’s revenue for FY23 reached over $1 billion, and it generated a net profit after tax (NPAT) of $549 million and record underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $1.9 billion.
The company recorded a cash on balance sheet of $775 million with a net debt of $415 million.
“The delivery of record financial performance during FY23 has clearly demonstrated the transformation of IGO and our success in pursuing a strategy of being aligned to clean energy metals,” IGO acting chief executive officer (CEO) Matt Dusci said.
“In FY23, we have generated the strongest set of financial results in IGO’s 21-year history, with record revenue, EBITDA and net profit. This has enabled the declaration of a final dividend of 44 cents plus a 16 cents special dividend for FY23, bringing total dividends for FY23 to a record 74 cents per share, equivalent to $560 million in dividend payments.”
Outstanding contribution from IGO’s lithium joint venture delivered a share of net profit of $1.6 billion and dividends of $1.1 billion.
The Greenbushes lithium mine’s annual spodumene production of 1491 kilotons (kt) exceeded guidance and its sales were above the top end of guidance at $279 per tonne.
“Within our lithium business, excellent production and cost performance at the Greenbushes lithium mine, combined with exceptional realised pricing, drove record earnings and cash dividends of over $1 billion to IGO, via our lithium joint venture,” Dusci said.
Solid progress was made at the Nova project, Cosmos project, and Forrestania operation, with the performance of the Kwinana lithium hydroxide refinery expected to improve during the next financial year.
From December 2023, Ivan Vella will serve as IGO’s CEO and managing director following the sudden passing of Peter Bradford in October 2022.
“(Bradford) has left an indelible legacy that transformed our business into a globally significant clean energy metals business and shaped our unique culture, which is defined by innovation, care, fun and ultimately, making a difference,” Dusci said.