ADNOC JV Fertiglobe records 203% rise in 9-month net profit to $1.1b

ADNOC JV Fertiglobe records 203% rise in 9-month net profit to $1.1b

Dubai: An 87 per cent revenue growth propelled the ADNOC joint venture Fertiglobe to a net profit of $1.1 billion, which meant a 203 per cent increase for the nine-month period. The ADX-listed company is the largest producer of nitrogen fertilizers in the Middle East and Africa. As H2-2022 dividend, Fertiglobe expects to pay a ‘minimum of $700 million’ (Dh0.31 a share) to shareholders in April 2023 after paying $750 million in October as interim dividend for this year. For the nine-month period, revenue increased 87 per cent to $3.97 billion. Global increases in fertilizer prices helped Fertiglobe’s cause. “We are pleased to report another very solid set of results, driven by a step-up in urea and ammonia prices, supported by tight market balances outweighing the usual seasonal slowdown,” said Ahmed El-Hoshy, CEO. “Our international order book is robust, as demand picks up in key import markets, giving us good visibility for Q4(-22) and H1-2023. Our competitive position on the global cost curve and free cash flow conversion capacity means we are well-placed to continue to return capital to shareholders and expect H2-2022 dividends to be a minimum of $700 million.” In the July to September period, Fertiglobe – where