Abu Dhabi fertilizer producer Fertiglobe reported first-quarter revenues of $552 million, down 20% from $694 million in last year’s first quarter. EBITDA for the quarter was $223 million on adjusted net profit of $119 million. Fertiglobe cited an increase in own-produced sales, particularly in the ammonia business, against a backdrop of lower pricing.
“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,” said CEO Ahmed El-Hoshy.
“Fertiglobe remains firmly focused on technology, innovation, and digitalization, and is investing in the integration of Artificial Intelligence (AI) throughout its operations to unlock value, enhance efficiencies, and reduce emissions,” he added.
Fertiglobe’s production capacity totals 6.6 million mt of urea and merchant ammonia, produced at four subsidiaries in the UAE, Egypt, and Algeria. ADNOC’s acquisition of OCI’s majority 50% stake in Fertiglobe is expected to be completed in 2024, subject to regulatory approvals (GM Dec. 15, 2023).