For urea and superphosphate, these price initiatives were worth more than $60 million on an annualised basis for New Zealand farming.
The co-operative invested $33 million into infrastructure and $4 million into research and development during the year.
Equity was further improved via retained earnings with equity ratios now at 84 per cent and the co-operative was net debt-free in 2015-16.
This compares to 2012 when the equity ratio stood at 41 per cent and the company owed $355 million, due mostly to an ill-fated expansion into Australia and inventory problems.
"It's satisfying given that three or four years ago we were not in too good a spot," Henderson said.
"We sat down and had a look at ourselves and developed a new strategy and have stuck to that religiously, so it's good to see that paying off," he told the Herald.
Falling fertiliser prices throughout the year was "a good problem to have" and the co-op passed on lower prices to shareholders as frequently as it could.
Despite the dairy downturn, it appered that farmers had not scrimped on fertiliser - with tonnage being down by just 2 to 3 per cent over the year.
"Also, we think that farmers, particularly dairy farmers, are thinking that grass is the cheapest input that they can provide," he said.
Henderson said the strong New Zealand dollar had helped to bring down the cost of its inputs, most of which come from overseas.
Chief executive Greg Campbell said a result for 2016/17 was difficult to forecast both for our customers and for Ravensdown.
"From a global fertiliser supply perspective; we are seeing significant production capacity coming on stream around the world and we can use this trend to benefit New Zealand's agrisector," he said.
Ravensdown is one of two major fertiliser co-operatives, the other one being Ballance.