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Abu Dhabi-based Fertiglobe, the largest producer of nitrogen fertilizer in the Middle East and North Africa (MENA), reported full-year 2022 net profit of $1.3 billion, up 75% year-on-year, despite weak nitrogen fertilizer prices.
The fertilizer company, a joint venture between national energy company ADNOC and Dutch chemicals producer OCI, said the outlook for demand is improving in the coming months as China’s economy recovers.
In a statement on Tuesday, it said full-year (FY) revenue rose 52% to $5 billion. However, fourth-quarter 2022 revenue fell 11% YoY to $1.1 billion, while adjusted EBITDA fell 27% to $472 million due to lower urea prices and plant overhauls in the UAE and Egypt.
Chief executive Ahmed El-Hoshy said Fertiglobe’s factories in the UAE and Egypt had already turned profitable in 2022, and there were no plans for further turnarounds for these factories in 2023. “For the first quarter of 2023, we have a good orderbook . . . ,” he added.
As of December 31, 2022, Fertiblobe had a net cash position of $287 million, compared to a net debt of $487 million as of December 31, 2021.
The company reaffirmed its commitment to its dividend guidance and announced a dividend of $700 million for the second half of 2022, payable in April 2023, bringing the total full-year dividend to $1.45 billion.
(Reporting by Brinda Darasha; Editing by Cleofe Maceda)
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