IGO Limited Half-Year Financial Results – Period ended 31 December 2023

IGO Limited reported a decrease in revenue from continuing operations to $438.2M, a 19% decrease over the previous corresponding period.

photographed while on an assignment for Indonesia’s largest coal mining company

IGO Limited Half-Year Financial Results – Period ended 31 December 2023

  1. IGO Limited reported a decrease in revenue from continuing operations to $438.2M, a 19% decrease over the previous corresponding period.

  2. Profit from ordinary activities after tax attributable to members significantly decreased by 53% to $288.3M.

  3. The interim dividend declared for the half-year ended 31 December 2023 is 11 cents per share, fully franked, which is a decrease from the previous year's interim dividend of 14 cents.

  4. A major factor contributing to the financial variances is the lower share of net profit from the lithium joint venture, Tianqi Lithium Energy Australia Pty Ltd, due to lower spodumene prices and sales volumes.

  5. The Nova Operation and Forrestania Operation both experienced decreases in revenue and profit before tax, attributed to lower realized nickel prices and sales volumes, among other factors.

  6. An impairment charge of $171.8M was recorded against the Cosmos and Forrestania assets, primarily due to the decline in nickel prices.

  7. The net tangible asset backing per ordinary share decreased from $5.17 to $4.75.

  8. Ivan Vella commenced as Managing Director and CEO on 11 December 2023.

  9. The company's cash balance significantly decreased by 64% to $276M, with $720M of undrawn debt available.

  10. IGO Limited has adopted all new or amended Accounting Standards and Interpretations that are mandatory for the current reporting period without needing to change its accounting policies or make retrospective adjustments.