ADNOC subsidiary Fertiglobe to reward shareholders with $340m dividends after solid ’21 results

ADNOC subsidiary Fertiglobe to reward shareholders with $340m dividends after solid ’21 results

Dubai: The UAE energy company ADNOC sure has been having a good time in recent days, with three of its listed companies cheering investors with solid 2021 numbers. Fertiglobe, the largest nitrogen fertilizer producer in the region, recorded a 113 per cent gain in revenues to $3.31 billion, while adjusted earnings (before interest, tax, depreciation and amortisation) was up by an even more impressive 242 per cent to $1.55 billion. Adjusted net income for 2021 was $737 million compared to $66 million a year ago.Earlier, ADNOC Drilling and ADNOC Distribution had issued their 2021 financials, delivering a fairly solid set of results. ADNOC is a joint venture partner with Dutch fertilizer giant OCI in Fertiglobe, which had one of Abu Dhabi’s high-visibility IPOs last year. The company will distribute for the second-half of 202, compared the earlier guidance of $240 million. (It was in October last that the company listed on ADX after a $795m IPO.) According to Fertiglobe, the good times should potentially continue, with the company expected to play a key role in the transition to a cleaner ‘hydrogen economy’. This is where its production of ammonia will have a say. “As a global leader in merchant ammonia