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Earnings before interest and tax was also up 23% on last year's figure of $303.7 million, at $374.5 million.
Incitec Pivot managing director and CEO Jeanne Johns said while 2020 had been a challenging year on many fronts, the company's businesses delivered a strong operating performance.
"We acted quickly to implement new control measures to keep our people and customers safe throughout the pandemic, which enabled us to provide uninterrupted supply to customers in the essential resources and agricultural sectors," she said.
"We also put in place a company wide COVID-19 response plan to deliver approximately $60 million cash savings over three years, with $20 million delivered this financial year."
Johns said the Dyno Nobel explosives business had performed well.
"Our premium technology offering continues to underpin our strong margins in the US business and demand held up well in Australia where we serve some of the most sophisticated mining companies in the world," she said.
Dyno Nobel Asia Pacific reported EBIT of $149.3 million in FY20, which was down 17% on the previous year.
Johns said this was due to the recontracting of Moranbah foundation customers and lower earnings from Indonesia.
Incitec shares closed 2c higher at $2.06, valuing the company at just under $4 billion.
