ADNOC entity Fertiglobe in H1-2023 profit drop on ‘lower selling prices’

ADNOC entity Fertiglobe in H1-2023 profit drop on ‘lower selling prices’

Fertiglobe's H1 2023 revenues and adjusted EBITDA were $1,245 million and $516 million, respectively.

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Dubai: The ADNOC joint venture entity Fertiglobe’s management proposed H1-2023 dividends of at least $250 million (subject to Board approval in September 2023), it was announced on Wednesday. The exact payment date in October 2023 will be announced following Board approval.



The ADX-listed fertilizer company, in which OCI Global is the other major shareholder, saw H1-2023 revenues at $1.24 billion, down 53 per cent compared to H1-2022. Adjusted net profit was down 73 per cent at $219 million.







Earnings were impacted by ‘lower selling prices, as volatility in European gas prices continued while markets saw increased supply from capacities commissioned in 2022’. There was also the end of the demand season in the northern hemisphere’.



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