Fertiglobe’s profit surges amid higher demand for products – The National

Fertiglobe’s profit surges amid higher demand for products – The National

Fertiglobe, the world’s largest seaborne exporter of urea and ammonia, reported an increase of more than eightfold in its fourth-quarter profit as revenue jumped on the back of higher demand for its products.

Net profit attributable to owners of the company for the three-month period to the end of December rose to $366.5 million from $45.1m in the year-earlier period, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

Revenue during the period more than doubled to $1.18 billion.

“Fertiglobe delivered a solid set of results in fourth-quarter of 2021, further underpinning our exciting growth potential,” Ahmed El-Hoshy, chief executive of Fertiglobe said. “Considering healthy free cash generation in second half of 2021 and our commitment to create shareholder value, we are pleased to announce our first post-IPO dividend of $340m, exceeding our previous guidance."

Fertiglobe, a joint venture between Adnoc and Netherlands-listed OCI, raised about $795m in its initial public offering last year, amid strong demand from international, regional and local investors. The listing was the third-largest on the Abu Dhabi Securities Exchange.

The company – which is also the Middle East and North Africa’s largest producer of nitrogen fertilisers by production capacity – sold