Fertiglobe reports $119 million in adjusted net profit in Q1 2024

ABU DHABI: Fertiglobe today announced its financial results for Q1 2024, reporting revenue of $552 million, adjusted EBITDA of $223 million, and adjusted net profit of $119 million.

Ahmed El-Hoshy, CEO of Fertiglobe, commented, “We are pleased to report a strong quarter, marked by a 5% year-on-year increase in our own-produced sales volumes, driven by higher production and lower ending inventories, which led to a 22% and 1% increase in ammonia and urea own-produced sales volumes, respectively.

‘This demonstrates continued efforts by our manufacturing and commercial teams to prioritise our key strategic objectives, paving the way for further operational milestones over the course of the year, by capitalising on our robust in-house capabilities and logistics footprint.’

He added that these results were delivered in an environment of market volatility and softer prices in Q1, on lower crop and energy prices as well as reduced imports from India and Europe, coupled with an improved supply situation with recent
curtailments being reversed.

In addition, Fertiglobe remains firmly focused on technology, innovation and digitalisation and is investing in integrating Artificial Intelligence (AI) throughout its operations to unlock value, enhance efficiencies, and reduce emissions. The company is harnessing data integration and predictive analytics applications to support business objectives by improving the performance of equipment, processes, and facilities, while also implementing AI-powered analytics at its sites to enhance safety and reliability.

In April 2024, Fertiglobe shareholders approved the H2 2023 dividend of $200 million, equivalent to 9 fils per share, payable in May 2024. This brings total dividends for 2023 to $475 million, including the H1 2023 dividend of $275 million paid in Q4 2023.

Source: Emirates News Agency