UAE Business: Fertiglobe’s Q3 revenues zoom 175pc to $867m – Gulf Digital News

UAE Business: Fertiglobe’s Q3 revenues zoom 175pc to $867m – Gulf Digital News

Fertiglobe, the world's largest export-focused nitrogen fertiliser platform, has posted Q3 2021 revenue jump of 175% to $867 million and adjusted EBITDA surge of 257% to $371 million as compared to Q3 2020.

Thanks to strong earnings momentum, Fertiglobe, a strategic partnership between Adnoc and OCI headquartered in Abu Dhabi, announced that it has increased its dividend guidance from at least $200 million to at least $240 million for H2 2021, payable in April 2022, with the final number to be determined in February 2022, a WAM report said.

Ahmed El-Hoshy, Chief Executive Officer of Fertiglobe, commented: "Fertiglobe’s first quarterly results following the IPO were robust, reinforcing the company’s great potential. We expect this strong earnings momentum to continue with significantly higher EBITDA in Q4 2021 compared to Q3, driven by increasing ammonia and urea prices, exemplifying the structural shift to a demand-driven market environment for nitrogen products over the medium term."

Fertiglobe made good progress in its efforts to capture growth opportunities within clean ammonia and the emerging hydrogen economy. A 70,000 metric tonne scale-up of blue ammonia capacity through a low-cost debottlenecking programme in Abu Dhabi, and sales of blue ammonia from the UAE to customers