OCI Global reported first-quarter earnings of $1.2 billion and EBITDA of $297 million, down 11% and 12%, respectively, from last year’s first quarter. OCI attributed the decline to lower nitrogen pricing globally, partially offset by improved operations and higher sales volumes across the European nitrogen and methanol segments.
“Following extremely challenging market conditions in 2023, conflated with prolonged turnarounds at some of OCI’s assets, OCI benefited in the first quarter of 2024 from improved asset reliability,” said CEO Ahmed El-Hoshy. “Efficiency improvements helped offset disruption from unplanned outages.”
OCI reported sales at $513 million for the quarter, slightly higher than last year’s $502 million. Net income also increased, to $26 million from a net loss of $72 million one year ago.
The company highlighted its new production of AdBlue (diesel exhaust fluid) in the Netherlands, with current capacity of 300,000 tons per year. It also announced its intention to ramp up low-carbon ammonia imports from its Beaumont, Texas, facility into its Rotterdam port infrastructure.
Following its December 2023 announcement to divest its Fertiglobe and IFCo assets (GM Dec. 22, Dec. 15, 2023), OCI said it continues to assess various options for its remaining business and expects to update the market on its strategic review in its second-quarter earnings announcement.