Abu Dhabi’s Fertiglobe profit up 84% on higher selling prices; outlook positive

Abu Dhabi’s Fertiglobe profit up 84% on higher selling prices; outlook positive

Abu Dhabi-based Fertiglobe posted a Q3 2022 net profit of $292 million, up 84% compared with the year-earlier period, on higher product prices, and said demand outlook for next few months was robust.

The profit, however, well below the analysts’ mean estimate of $319 million, according to data provider Refinitiv.

Revenues for the quarter increased 52% year-on-year (YoY) to $1.32 billion. Free cash flow increased to $189 million from $56 million in Q3 2021 and was at net cash position of $644 million as of 30 September 2022. This would also allow it to look at

The fertilizer company, a joint venture between state energy firm ADNOC and Dutch chemical producer OCI, said on Thursday that due to its strong free cash flow position it expected to disburse a minimum of $700 million in H2 dividends.

"This would bring the total for 2022 to at least $1.45 billion, including the $750 million H1 2022 dividend paid to shareholders in October," the company added.

Ahmed El-Hoshy, CEO of Fertiglobe said the solid set of results was driven by a rise in urea and ammonia prices, supported by tight market balances outweighing the usual seasonal slowdown. "Looking ahead, our international order book is robust, as demand picks