ADNOC JV Fertiglobe raises H1-2022 dividend to $750m after revenue surge

ADNOC JV Fertiglobe raises H1-2022 dividend to $750m after revenue surge

Dubai: The ADNOC joint venture Fertiglobe recorded a whopping 105 per cent gain in second quarter revenues to $1.47 billion, which will be more than enough for a H1-2022 dividend payout of $750 million, This is higher than the earlier guidance given of $700 million. Once approved, this will be paid in October. “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," said Ahmed El-Hoshy, CEO of Fertiglobe. "We are pleased to announce an H1-2022 dividend of $750 million driven by strong earnings, healthy cash conversion and our robust capital structure." Another ADNOC joint venture, the petrochemicals giant Borouge, had last week indicated $975 million as dividend for full-year 2022. Fertiglobe is the largest nitrogen fertilizer producer in the Middle East and North Africa. OCI, the other shareholder in the company, is the world’s biggest ‘sea-borne exporter of urea and ammonia’. On the second-half prospects, Fertiglobe says nitrogen prices have ‘support to remain above historical averages, driven by structurally tight supply over 2022-2026, crop