ADNOC JV Fertiglobe shareholders to get $750m H1-2022 windfall

ADNOC JV Fertiglobe shareholders to get $750m H1-2022 windfall

Abu Dhabi: The ADNOC joint venture Fertiglobe announced its General Assembly’s approval of the H1-2022 cash dividend of $750 million, equivalent to Dh2.75 billion or Dh0.33 per share. The dividend will be paid in October 2022 to shareholders of record as at 10 October 2022. “Fertiglobe’s very solid first-half performance and approved dividend of $750 million has resulted from powerful earnings momentum, healthy cash conversion and a robust capital structure,” said Ahmed El-Hoshy, CEO of Fertiglobe. “The Company has achieved strong growth since its landmark IPO on ADX almost one year ago, and we are delighted to have created significant value for shareholders during that time.” “As we look ahead to a very promising end to 2022, we will continue to execute on our strategy to create long-term value for all stakeholders.” The Company’s potential for attractive future dividends is supported by its strong cash flow performance and competitive position on the global cost curve. Fertiglobe’s Q2-2022 revenues increased 105 per cent to $1.5 billion, while adjusted EBITDA grew 155 per cent to $770 million compared to Q2-2021. Free cash flows increased to $789 million from $328 million in Q2-2021. This strong earnings and cash generation in the second quarter