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Fertiglobe’s Annual General Meeting (AGM) has approved a cash dividend of $700 million for the second half of 2022 and $1.45 billion for FY2022, making it one of the highest dividend yields in the industry.
Fertiglobe is a strategic partnership between Adnoc and OCI Global, the world’s largest seaborne exporter of urea and ammonia, the largest producer of nitrogen fertilizers in the Middle East and North Africa (Mena) region and a pioneer in sustainable ammonia.
Fertiglobe’s 2022 dividend is supported by solid financial performance, supported by competitive positioning on the global cost curve and strong free cash flow conversion.
solid income
Strong earnings and cash generation for the year resulted in a net cash position of $287 million as of December 31, 2022, compared to net debt of $487 million as of December 31, 2021, delivering strong returns to shareholders and future growth opportunities.
Dr Sultan Ahmed Al Jaber, Chairman of Fertiglobe said: “We believe Fertiglobe has a solid growth strategy as the company continues to deliver solid earnings and drive positive change in the region and globally, while creating sustainable and long-term value creation for its shareholders .
“Since listing on the ADX in 2021, the company has performed strongly and embarked on important initiatives to drive the energy transition and low-carbon economy, in line with Abu Dhabi and the UAE’s sustainability goals. Looking ahead, Fertiglobe is well-positioned to create sustainable value , making meaningful progress towards achieving its ambitions, leveraging a strong and strategically positioned operating platform, world-class assets and unique commercial and logistics capabilities.”
key milestone
Ahmed El-Hoshy, Chief Executive Officer of Fertiglobe, commented: “Fertiglobe has reached several important milestones, creating shareholder value while staying true to our long-term strategy and vision. We are delighted with the substantial progress we have made on eliminating the use of fresh water from 100% of our operations, launching the first phase of our Egypt Green Hydrogen Project at COP27, and subsequently receiving our Egyptian plant’s renewable ammonia ISCC PLUS certification.
“We are also working with TA’ZIZ, GS Energy Corporation and Mitsui & Co Ltd to make progress in the 1 million tons of low-carbon synthetic ammonia project in the UAE, and signed the EPC contract in early 2023, and have completed the project to Asia and Europe Trial shipments of low-carbon ammonia to key markets, as well as trial shipments of Diesel Exhaust Fluid (DEF) to Europe, diversify our product portfolio into industrial products, demonstrating the flexibility and versatility of our platform.
dramatic growth
“Going forward, despite the prevailing pricing backdrop for our products, we are well positioned to leverage our unique business model and continue to pursue compelling growth opportunities while consistently delivering on our commitments to our shareholders. We are committed to Implementing our Operational Excellence Program and Sustainability Program, and providing a great example of real progress towards decarbonisation, in preparation for this year’s COP 28, hosted by the UAE.”
In 2022, Fertiglobe received investment-grade credit ratings from Standard & Poor’s (BBB-), Moody’s (Baa3) and Fitch (BBB-) for the first time, with stable outlooks, highlighting its strong profitability and cash generation capabilities. Underscoring its attractiveness to local and global investors, Fertiglobe is a constituent of the FTSE ADX 15 Index (FADX 15), a partnership between ADX and FTSE Russell and a component of the FTSE Emerging Markets Index. — trade arab news agency
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