ADNOC JV Fertiglobe wows shareholders with 2022 dividend of stellar $1.3b

ADNOC JV Fertiglobe wows shareholders with 2022 dividend of stellar $1.3b

Dubai: Shareholders in ADX-listed Fertiglobe will have reasons to be pleased – they will be getting a share of $700 million (Dh2.6 billion) as second-half 2022 dividend and taking the full-year tally to $1.3 billion. "Fertiglobe’s dividend policy is to substantially pay out all excess free cashflows after providing for growth opportunities, while maintaining investment grade credit ratings," said Ahmed El-Hoshy, CEO of Fertiglobe. "(The) management announces H2-2022 dividends in line with previous guidance, at $700 million (or the equivalent of AED 0.31 per share), payable in April 2023. "During calendar year 2022, Fertiglobe paid cash dividends of $1.1 billion." For shareholders, that works out to a yield of 7.5 per cent, with the company's stock trading at Dh4.12 on ADX. The largest nitrogen fertilizer producer in the MENA region, Fertiglobe's 2022 revenue hit $5 billion - and that's a 52 per cent compared to 2021 - while the adjusted EBITDA was up 59 per cent to $2.5 billion. All of which resulted in adjusted net profit increasing 75 per cent to $1.3 billion. (However, Q4-2022 revenues were lower by 11 per cent year-on-year to $1.1 billion, 'driven by lower urea prices and plant turnarounds in the UAE and Egypt