UAE: Fertiglobe approves dividend of $1.45bln for 2022

UAE: Fertiglobe approves dividend of $1.45bln for 2022

Fertiglobe’s Annual General Meeting (AGM) has approved cash dividends for H2 2022, amounting to $700 million and $1.45 billion for FY 2022, positioning it as one of the highest dividend payers in the industry by yield.

Fertiglobe is the strategic partnership between Adnoc and OCI Global, the world’s largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertiliser producer in the Middle East and North Africa (Mena) region, and an early mover in sustainable ammonia.

Fertiglobe’s dividends for 2022 were backed by solid financial performance, driven by competitive positioning on the global cost curve and strong free cash flow conversion capacity.

Robust earnings

Robust earnings and cash generation during the year resulted in a net cash position of $287 million as of December 31, 2022, compared to net debt of $487 million as at December 31, 2021, supporting attractive returns to shareholders as well as future growth opportunities.

Dr Sultan Ahmed Al Jaber, Chairman of Fertiglobe, said: “We are confident that Fertiglobe has a robust strategy for growth, as the company continues to deliver solid earnings and drive positive change in the region and globally, while creating sustainable and long-term value for its shareholders.

“Since listing on the ADX in 2021, the company has