Mining services company Orica has held strong throughout the first half of the 2024–25 financial year, with an earnings uplift for its core blasting business.
The company recorded a net profit after tax of $337.5 million, including $158.4 million of profit. Orica’s earnings before interest and tax stood at $353.7 million, up 10 per cent.
“We have delivered another strong performance for the first half of 2024 with a 10 per cent growth in underlying earnings from previous corresponding period,” Orica managing director and chief executive officer Sanjeev Gandhi said.
“Our team remains committed to executing our strategy and has delivered improved performance and growth across all segments with an ongoing focus on quality of earnings.
“Our core blasting business continued to strengthen this half, supported by strong customer demand as well as increased earnings from high margin premium products and technology.”
Orica’s completed acquisition of end-to-end sensor to data delivery platform Terra Insights in February and technological solutions provider Cyanco in April were two big highlights for the company.
“The Terra Insights acquisition was completed on February 29 2024,” Gandhi said.
“This acquisition has established Orica as the global leader in geotechnical and structural monitoring in mining and civil infrastructure with a unique portfolio of six industry-leading brands. The integration of Terra Insights into Orica Digital Solutions is on track with a key focus on delivering cross-selling opportunities.
“On 30 April 2024, we finalised the completion of our Cyanco acquisition. With the addition of Cyanco, Orica has now become the leading integrated global sodium cyanide producer and supplier, with access to the attractive and high margin North American gold market.
“I am excited about the growth that these acquisitions will bring to Orica. We are committed to successfully integrating these acquisitions and delivering value to shareholders.”