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Adnoc’s strategic partner with OCI, Fertiglobe, has announced that its General Assembly has approved a first half 2022 cash dividend of US$750 million, equivalent to AED2.75 billion or AED0.33 per share.
The dividend will be paid in October 2022 to shareholders of record as of October 10, 2022.
Ahmed El-Hoshy, CEO of Fertiglobe, commented: “Fertiglobe delivered a very solid first half with an approved dividend of $750 million, supported by strong earnings momentum, healthy cash conversion and a solid capital structure. The company has delivered strong growth since its previous landmark IPO on ADX, and we are pleased to have created tremendous value for our shareholders during that time. As we look ahead to a very promising end to 2022, we will Continue to execute our strategy to create long-term value for all stakeholders.”
The company’s strong cash flow performance and competitive position on the global cost curve supports the company’s potential for attractive future dividends. Compared with the second quarter of 2021, revenue in the second quarter of 2022 increased by 105% to $1.5 billion, while adjusted EBITDA increased by 155% to $770 million. Free cash flow increased from $328 million in the second quarter of 2021 to $789 million in the second quarter of 2022. Net cash position for the second quarter was $445 million as of June 30, 2022, while net debt was $487 million as of December 31, 2021 (0.3x net debt/adjusted EBITDA), supporting future growth and Attractive dividend payout. Fertiglobe’s dividend policy is to substantially pay out all excess free cash flow after providing growth opportunities, while maintaining an investment grade credit rating.
Fertiglobe is the world’s largest seaborne exporter of combined urea and ammonia and a pioneer in clean ammonia. Fertiglobe’s capacity includes 6.7 million tonnes of urea and commercial ammonia, produced by four subsidiaries in the United Arab Emirates, Egypt and Algeria, making it the largest nitrogen fertilizer producer in the Middle East and North Africa (MENA). It benefits from direct access to six major ports and distribution centers in the Mediterranean, Red Sea and Arabian Gulf.
Headquartered in Abu Dhabi and incorporated in the Abu Dhabi Global Market (ADGM), Fertiglobe employs over 2,600 people. –arab trade news agency
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