BultiesBrothers schreef op 16 februari 2024 22:04:
ADNOC-owned Fertiglobe net profit at $505m, sees strong return in global fertilizer demand
ADX-listed fertilizer firm eyes improved prices, global demand to start showing up soon
Published: February 14, 2024 11:32
Gulf News Report
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At some point this year, the deal will close whereby ADNOC owns 86.2 per cent in Fertiglobe.
Image Credit: Supplied
Dubai: The fertilizer manufacturer Fertiglobe, which pulled out $505 million as 2023 net profit, expects a speedy recovery in global demand and which would then provide the platform for its own prices to pull higher.
“Demand is expected to recover ahead of the Spring application season in the Northern Hemisphere, with healthy demand in other regions, including Brazil and Australia,” said a statement. “Further price support is expected to be driven by low inventories in key importing regions, ongoing restrictions on Chinese exports, and supply chain disruption in the Red Sea, to which Fertiglobe has limited exposure.”
The ADNOC JV with OCI Global, Fertglobe had reported net profits of $1.82 billion in 2022.
Revenues last year came to $2.41 billion, down from $5 billion.
Over the final three months of 2023, ammonia prices had increased due to widespread supply disruptions, while urea prices were impacted by demand deferrals into early 2024, and which led to reduced imports from key regions, Fertiglobe said.
FERTIGLOBE'S '23 DIVIDEND
The company will offer shareholders an H2-2023 dividend of $200 million (equivalent to 9 fils a share). This would take full-year dividends of $475 million - and one of the 'highest dividend yields in the company’s industry and market'.