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Fertiglobe reported an adjusted net profit of $292 million in the third quarter of 2022, up 84% year over year.
The company, a strategic partnership between Abu Dhabi-based ADNOC and OCI, reported a 52% year-over-year increase in revenue in the third quarter of 2022 to $1.32 billion, while adjusted EBITDA rose 64% to 6.06 One hundred million U.S. dollars.
Its free cash flow increased from $56 million in the third quarter of 2021 to $189 million in the third quarter of 2022, an increase of 237% year over year.
In the first nine months of the year, the company’s revenue rose 87% to $3.97 billion, adjusted EBITDA rose 122% to $2 billion, and adjusted net income rose 203% to $1.1 billion.
Fertiglobe had another strong quarter, with revenue up 52% year over year and adjusted net profit up 84%. Backed by our solid order book and favorable cost positioning, we expect a dividend of at least $700 million in the second half of 2022. pic.twitter.com/mip4BEzoxQ
– Ready Praise (@readypraise) November 3, 2022
The company will pay shareholders at least $700 million in dividends for the second half of 2022, equivalent to AED 0.31 per share, in April 2023, official news agency WAM report.
Ahmed El Hoshy, chief executive of Fertiglobe, said: “We are pleased to report another very solid set of results, supported by higher urea and ammonia prices and a tightening balance in the market outweighing the usual seasonal slowdown.”
“Our competitive position on the global cost curve and free cash flow conversion capability means we have the ability to continue to return capital to shareholders and expect a dividend of at least $700 million in the second half of 2022, bringing the total 2022 dividend to at least $14.5 million $750 million in first-half 2022 dividends paid to shareholders in October,” he added.
The company had a net cash position of $644 million as of September 30, 2022, and net debt of $487 million as of December 31, 2021.
read: Abu Dhabi fertilizer firm Fertiglobe raises $800 million in Singapore-backed IPO
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