Incitec Pivot (ASX:IPL) has reported a record net profit after tax of $1,072M for FY22, an increase of 186% compared to $359M in the previous corresponding period.

Incitec also reported a total FY22 dividends of $524M plus an on-market share buyback of up to $400M.

The company says its results are underpinned by strong operating performance from its two category-leading businesses (Dyno Nobel and Incitec Pivot Fertilisers) which performed well in high demand but disrupted markets.

Incitec also announced a strategic review of its ammonia manufacturing facility located in Waggaman, extending the timeline for the demerger of the fertilisers business.