Abu Dhabi’s Fertiglobe delivers revenue growth of 105% to $1,471m

Abu Dhabi’s Fertiglobe delivers revenue growth of 105% to $1,471m

Abu Dhabi-based Fertiglobe reported that its Q2 2022 revenues increased 105 per cent to $1,471m, while adjusted EBITDA grew 155 per cent to $770m compared to Q2 2021. The fertiliser company, a joint venture between ADNOC and Dutch chemical producer OCI, reported that it’s free cash flow increased to $789m in Q2 2022 from $328m in Q2 2021, supporting a first-half dividend of $750m, above previous guidance of at least $700m. Ahmed El-Hoshy, CEO of Fertiglobe said, “Q2 2022 marks another quarter of solid performance, driven by a favourable price backdrop supported by strong in-season demand, tight market balances and elevated gas prices in Europe, as well as higher sales volumes due to a phasing of some shipments from Q1 2022 to this quarter. We are pleased to announce an H1 2022 dividend of $750m, above our previous guidance of at least $700m, driven by strong earnings, healthy cash conversion and our robust capital structure.” “We are also delighted to receive investment grade credit ratings by three rating agencies: S&P (BBB-), Moody’s (Baa3) and Fitch (BBB-), supported by an attractive cash flow profile and a prudent financial policy. We were also pleased to be included in the FTSE Emerging Market