Orica (ORI) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened in a hybrid format, welcoming both in-person and remote shareholders, and included an acknowledgment of traditional land custodians and respect for Elders past and present.

• Chairman Malcolm Broomhead opened the meeting, highlighting the company's 150-year history.

• Safety procedures, meeting recording, and introductions of directors, executive committee, and auditors were covered.

• The agenda included key topics, resolutions, and procedural details for shareholder participation and voting.

Financial performance review

• Achieved strongest financial performance in a decade with AUD 806 million EBIT, up 15% year-on-year, driven by strategy execution and strong customer demand.

• Net profit after tax was AUD 525 million, including AUD 115 million from significant items.

• Return on net operating assets rose to 12.8%, driven by improved earnings and strong market demand.

• Blasting solutions, specialty mining chemicals, and digital solutions segments all reported double-digit EBIT growth.

• Performance demonstrates resilience and ability to adapt to macro-economic and geopolitical challenges.

Board and executive committee updates

• Board renewal and succession planning are ongoing, with regular reviews of skills, diversity, and experience.

• Chairman indicated intention to leave the board after 10 years, around the next AGM.

• Denise Gibson stood for re-election, highlighting her technology and innovation experience.

• Board of Directors introduced, including Malcolm Broomhead, Sanjeev Gandhi, Karen Moses, and others.