Fertiglobe delivers strong Q2 2022, with revenue growth of 105%

Fertiglobe delivers strong Q2 2022, with revenue growth of 105%

ABU DHABI - Fertiglobe, the strategic partnership between ADNOC and OCI, today reported that its Q2 2022 revenues increased 105% to $1,471 million, while adjusted EBITDA grew 155% to $770 million compared to Q2 2021.

Free cash flow increased to $789 million in Q2 2022 from $328 million in Q2 2021, supporting a first-half dividend of $750 million, above previous guidance of at least $700 million.

Ahmed El-Hoshy, Chief Executive Officer of Fertiglobe, commented, "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. We are pleased to announce an H1 2022 dividend of $750 million, above our previous guidance of at least $700 million, driven by strong earnings, healthy cash conversion and our robust capital structure.

We are also delighted to receive investment grade credit ratings by three rating agencies: S&P (BBB-), Moody's (Baa3) and Fitch (BBB-), supported by an attractive cash flow profile and a prudent financial policy. We were also pleased to be included in the FTSE Emerging Market Index in June 2022,