ADNOC JV Fertiglobe records 332% increase in Q1-2022 net profit to $361m

ADNOC JV Fertiglobe records 332% increase in Q1-2022 net profit to $361m

Dubai: Fertiglobe, which went through one of the most successful IPOs on ADX last year, saw adjusted net income weigh in with $361 million for the first three months of 2022, an increase of 332 per cent year-on-year. That’s on a revenue size of $1.2 billion, up 118 per cent, as the fertilizer company’s products gained significant export traction. Fertiglobe, a JV between ADNOC and OCI, the world’s largest sea-borne exporter of urea and ammonia, had a free cashflow of $521 million at the end of March against $151 million a year ago. Fertiglobe’s will pass on all of its distributable free cashflow as dividends after ‘providing for growth opportunities, while maintaining an investment grade credit profile’. It had raised its H1-2022 dividend guidance to ‘at least $700 million’, well above the previous one of a minimum $200 million. The exact dividend amount, payable this October, will be announced along with the second-quarter results in August. Abu Dhabi headquartered Fertiglobe operates plants in the UAE, Egypt and Algeria, making it the largest producer of nitrogen fertilizers in the region, and benefits from ‘direct access to six key ports and distribution hubs on the Mediterranean Sea, Red Sea, and the Arab