Fertiglobe reported revenues of $496 million and adjusted EBITDA of $156 million for the second quarter and $1.048 billion and $378 million, respectively, for the first half of 2024.
Its own-produced sales volumes for the first half were up 1% from last year despite recent gas supply issues in Egypt, and the company said they would have been up 7% excluding those external factors.
Own-produced sales volumes for the second quarter were down 2% from last year, driven by a 5% drop in urea volumes offset by a 12% increase in ammonia sales volumes. Excluding the impact of the gas supply shortages in Egypt, Fertiglobe said own-produced sales volumes in the second quarter would have been up 8%.
“Over the past quarter, Fertiglobe has taken important steps towards achieving its strategic business objectives by maintaining the positive momentum surrounding some of its most significant operational projects and decarbonization initiatives,” said Ahmed El-Hoshy, CEO of Fertiglobe.
These include a Final Investment Decision (FID) on the TA’ZIZ 1 mtpa low carbon ammonia project, developed in partnership with TA’ZIZ, GS Energy Corp., and Mitsui & Co. Ltd. The construction contract for the project was awarded to Tecnimont SpA, with production expected to start in 2027.
“ADNOC’s pending acquisition of OCI Global’s 50% equity stake in Fertiglobe continues to progress,” El-Hoshy added.
Headquartered in Abu Dhabi, Fertiglobe’s production capacity comprises 6.6 million mt/y of urea and merchant ammonia, produced at four subsidiaries in the UAE, Egypt, and Algeria, making it the largest producer of nitrogen fertilizers in the Middle East and North Africa (MENA).