Fertiglobe first-quarter profit surges on rising prices – The National

Fertiglobe first-quarter profit surges on rising prices – The National

Fertiglobe, the world’s largest seaborne exporter of urea and ammonia, said its first-quarter net profit surged more than three-fold, driven by increased selling prices across the company's product line.

Net profit attributable to owners of the company for the three-month period to the end of March increased to about $467 million from $134.5m in the same period a year earlier, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

Adjusted net profit for the first-quarter was $361m compared with $84m in the same period last year.

First-quarter revenue increased more than two-fold to $1.2 billion and adjusted earnings before interest, taxes, depreciation, and amortisation nearly tripled to $625m.

The company expects a cash distribution of at least $700m for the first half of 2022 (payable in October 2022), compared to a previous guidance of at least $200m, "given continued favourable market dynamics, the current outlook on volumes and prices, healthy cash conversion and our robust capital structure," Ahmed El-Hoshy, chief executive of Fertiglobe said.

The exact dividend amount will be announced with the the second quarter results this August.

Fertiglobe, a joint venture between Adnoc and Netherlands-listed OCI, raised about $795m in its initial IPO