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Phosphate Hill mine owner Incitec Pivot has launched a $675 million capital-raising drive.

The industrial explosives, chemicals and fertiliser-maker describes it as pre-emptive action to increase resilience and provide financial flexibility to pursue growth opportunities.

The company is undertaking a fully underwritten institutional placement of shares to raise $600 million and a non-underwritten share purchase plan of up to $75 million.

The capital raising came as IPL announced its half-year results, showing a net profit after tax of $65 million – up 54 per cent compared to the previous six months.

The fertiliser arm of the business recorded an earnings loss of $10 million in the sixth-month period compared to a loss of $33 million in the previous corresponding period.

Weak fertiliser volumes in the first four months due to drought conditions as well as historic low commodity prices weighed on performance, IPL said.

However the company reported very strong demand over February, March and April as growing conditions improved.

“The explosives and fertiliser businesses are well positioned for long term customers trends across the essential mining and agricultural industries,” managing director and chief executive officer Jeanne Johns said on Monday.

“COVID-19 pandemic brings future economic uncertainty on commodity pricing and demand, and this will inevitably present challenges for every business.

“However, we are well placed to manage short term risks and continue to leverage our strategically located assets to support our customers.

“The capital raising we announced today will strengthen our balance sheet to make us more resilient in the current environment, as well as keeping the business strong and support the flexibility to pursue disciplined organic growth opportunities to deliver long term shareholder value.”