Nuplex's net profit for the year to June 30 was income of $NZ48.30 million ($A39.53 million), up from $NZ26.19 million in 2006/07.
Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose 17 per cent to $NZ121.8 million ($A99.69 million).
"The result reflects improved productivity after significant restructuring, with new capacity in Europe and the closure of loss-making plants in Brazil and the UK," the company said.
Nuplex said the risks it faces in 2008/09 include increased raw material costs, along with flagging consumer demand and currency fluctuations.
The company said its northern hemisphere operations - notably in the United Kingdom, Holland, US, China, Vietnam and Indonesia - are likely to deliver the majority of earnings from mid-2009.
New Zealand operations, and to a lesser extent Australia now its Seven Hills plant is closed, were predicted to continue backing away.
"Some key markets are falling into a hole in terms of demand," chief executive John Hirst said.
"Costs continue to rise, and we also suffered increases in the areas of utilities, transportation and salaries."
Revenues for 2007/08 came in at $NZ1.53 billion ($A1.25 billion), versus $NZ1.45 billion in the prior year.
Shares in the dual-listed Nuplex closed up 20 cents or 3.96 per cent at $5.25 on the Australian stock exchange.
On a divisional basis, Nuplex's major resins unit delivered an 11 per cent lift in EBITDA to $NZ99 million ($A81.03 million), while the specialty chemicals and materials division saw EBITDA rise by 50 per cent to $NZ22.8 million ($A18.66 million).
Nuplex is a major resins, polymers and coatings supplier to the paint, ink, plastics, paper, textiles and adhesives industries.
The resins division is Nuplex's major contributor, with the majority of products to be manufactured in-house as of second-half 2009.
Nuplex's specialties business is complimentary to the resins unit, but includes ordinary and specialty raw materials for industries including construction.
Hirst said margins would remain "steady" this year, with only the Vietnam operations exhibiting erosion last financial year.
He said that despite the good annual result, Nuplex's working capital metrics needed improvement.
Particularly inventories, which were built-up to capture raw material supplies, and receivables, due to Nuplex agreeing to looser payment terms.
Capital expenditure for this year is forecast at between $NZ35 million and $NZ40 million ($A28.65 million and $A32.74 million), just about flat from last year.
Chief financial officer Graeme Storey said the annual result was partly attributable to a more sustainable tax rate, which fell to 30 per cent from 42 per cent in 2006/07.
Storey said the cut was attributable to losses on the Seven Hills and Brazil plant closures, but admitted that the 2007/08 dividend did not include New Zealand-based franking credits.
Nuplex declared a final dividend of 23 NZ cents, taking the total for the year to 43 NZ cents, up from 36 cents in 2006/07.
